[{"data":1,"prerenderedAt":12365},["Reactive",2],{"/":3},{"data":4,"headers":12337,"perPage":12363,"total":12364},{"stories":5,"cv":12334,"rels":12335,"links":12336},[6,1414,2410,4073,5724,7285,8716,10028,11143],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":1405,"full_slug":1406,"sort_by_date":128,"position":1407,"tag_list":1408,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":1410,"first_published_at":1411,"release_id":128,"lang":1412,"path":128,"alternates":1413,"default_full_slug":128,"translated_slugs":128},"9 Home Improvement Ideas to Increase the Value of Your Property","2025-04-07T18:29:58.764Z","2025-12-26T13:45:02.711Z","2025-12-26T13:45:02.750Z",651798143,"b9cd2f35-9559-4b23-a026-7448eff9d974",{"seo":14,"_uid":20,"hero":21,"author":30,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":33,"canonicalTag":1402,"publishedDate":1403,"_editable":1404},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"77316249-bb90-485a-9a34-facfdf611141","9 Home Improvement Ideas to Increase the Value of Your Property | Navient Marketplace","seo_metatags","","Considering home improvements? Here are 9 that will boost functionality, appearance, and overall value.","39f3568e-f888-4c3e-816f-3647f7efec59",[22],{"id":18,"_uid":23,"image":24,"intro":19,"classes":18,"_editable":25,"blogTitle":7,"component":26,"imageLink":27,"blendImage":28,"backgroundColor":29},"ee81b4ff-6c03-4123-98ae-73405dea4592","//a.storyblok.com/f/110029/5472x3648/5c9e69f190/home-improvement-ideas-to-increase-value.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798143\"}-->","NriBlogHero","/images/home-improvement-ideas-to-increase-value.webp",false,"#F6F2F7","natasha-khullar-relph","Personal Loans","NriBlogPost",[34],{"_uid":35,"color":36,"richText":37,"_editable":1400,"component":1401},"67b1c1a7-fbb7-4c3c-a267-87dc959687fb","#444444",{"type":38,"content":39},"doc",[40,55,64,71,78,85,94,101,284,291,299,306,323,340,357,374,382,389,406,423,440,457,474,482,503,534,551,568,585,616,624,631,648,665,682,699,706,714,735,752,769,786,803,820,827,835,842,859,890,907,924,941,948,956,963,980,997,1028,1045,1062,1070,1077,1094,1111,1128,1145,1153,1160,1191,1221,1255,1293,1310,1318,1325,1352,1361,1376,1385],{"type":41,"content":42},"paragraph",[43],{"text":44,"type":45,"marks":46},"Navient may receive compensation when you click on links associated with this Navient Marketplace. Navient is not being compensated for any application, quotation, or the purchase of any financial products.","text",[47,51],{"type":48,"attrs":49},"styled",{"class":50},"footer-text",{"type":52,"attrs":53},"textStyle",{"color":54},"#000000",{"type":56,"attrs":57,"content":59},"heading",{"level":58},1,[60],{"text":7,"type":45,"marks":61},[62],{"type":52,"attrs":63},{"color":54},{"type":41,"content":65},[66],{"text":67,"type":45,"marks":68},"Exploring ways to boost your property’s value through strategic home renovations is a wise move. ",[69],{"type":52,"attrs":70},{"color":54},{"type":41,"content":72},[73],{"text":74,"type":45,"marks":75},"Why invest in these upgrades? It’s not just about the potential profits and return on investment when selling. A well-cared-for home decreases your maintenance costs and increases your overall financial security. ",[76],{"type":52,"attrs":77},{"color":54},{"type":41,"content":79},[80],{"text":81,"type":45,"marks":82},"Plus, there’s the immediate benefit of enjoying a more comfortable and aesthetically pleasing living space. Here are some practical home improvement ideas to increase the value of your property that will pay off both now and in the long term. ",[83],{"type":52,"attrs":84},{"color":54},{"type":56,"attrs":86,"content":88},{"level":87},2,[89],{"text":90,"type":45,"marks":91},"1. Kitchen remodel",[92],{"type":52,"attrs":93},{"color":54},{"type":41,"content":95},[96],{"text":97,"type":45,"marks":98},"The kitchen is often considered the heart of the home, and it’s consistently a focal point for potential buyers. Breathe new life into your kitchen and increase its appeal by: ",[99],{"type":52,"attrs":100},{"color":54},{"type":102,"content":103},"bullet_list",[104,140,183,212,245,269],{"type":105,"content":106},"list_item",[107],{"type":41,"content":108},[109,116,121,135],{"text":110,"type":45,"marks":111},"Upgrade to high-quality countertops",[112,114],{"type":113},"bold",{"type":52,"attrs":115},{"color":54},{"text":117,"type":45,"marks":118},": Investing in",[119],{"type":52,"attrs":120},{"color":54},{"text":122,"type":45,"marks":123}," durable and visually appealing countertops",[124,131,133],{"type":125,"attrs":126},"link",{"href":127,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.bobvila.com/articles/best-countertop-material/",null,"_blank","url",{"type":52,"attrs":132},{"color":54},{"type":134},"underline",{"text":136,"type":45,"marks":137},", such as granite, quartz, or marble, can instantly elevate the look and feel of your kitchen. These materials are not only aesthetically pleasing but also durable and long-lasting, making them attractive to potential buyers.",[138],{"type":52,"attrs":139},{"color":54},{"type":105,"content":141},[142],{"type":41,"content":143},[144,150,155,164,169,178],{"text":145,"type":45,"marks":146},"Modernize cabinets: ",[147,148],{"type":113},{"type":52,"attrs":149},{"color":54},{"text":151,"type":45,"marks":152},"Consider",[153],{"type":52,"attrs":154},{"color":54},{"text":156,"type":45,"marks":157}," refacing or replacing outdated cabinets",[158,161,163],{"type":125,"attrs":159},{"href":160,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.thisoldhouse.com/kitchens/21017763/10-ways-to-update-kitchen-cabinets",{"type":52,"attrs":162},{"color":54},{"type":134},{"text":165,"type":45,"marks":166}," with modern, stylish options. Opt for quality materials and refinishes that complement the overall design of your kitchen. Additionally, installing features like",[167],{"type":52,"attrs":168},{"color":54},{"text":170,"type":45,"marks":171}," soft-close hinges",[172,175,177],{"type":125,"attrs":173},{"href":174,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.cabinetdoors.com/blog/the-difference-between-softclose-and-selfclose-hinges/",{"type":52,"attrs":176},{"color":54},{"type":134},{"text":179,"type":45,"marks":180}," and organizers can enhance functionality and appeal to buyers.",[181],{"type":52,"attrs":182},{"color":54},{"type":105,"content":184},[185],{"type":41,"content":186},[187,193,198,207],{"text":188,"type":45,"marks":189},"Update appliances: ",[190,191],{"type":113},{"type":52,"attrs":192},{"color":54},{"text":194,"type":45,"marks":195},"Upgrading to energy-efficient, stainless steel appliances can not only improve the aesthetics of your kitchen but also attract eco-conscious buyers. Choose appliances with modern features and finishes",[196],{"type":52,"attrs":197},{"color":54},{"text":199,"type":45,"marks":200}," that align with current trends",[201,204,206],{"type":125,"attrs":202},{"href":203,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.marthastewart.com/8331810/outdated-kitchen-appliance-trends",{"type":52,"attrs":205},{"color":54},{"type":134},{"text":208,"type":45,"marks":209}," and enhance the overall appeal of the space.",[210],{"type":52,"attrs":211},{"color":54},{"type":105,"content":213},[214],{"type":41,"content":215},[216,222,232,240],{"text":217,"type":45,"marks":218},"Enhance lighting:",[219,220],{"type":113},{"type":52,"attrs":221},{"color":54},{"text":223,"type":45,"marks":224}," ",[225,228,229,231],{"type":125,"attrs":226},{"href":227,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.mcclurgteam.com/blog/design-ideas-8-types-of-kitchen-light-fixtures",{"type":113},{"type":52,"attrs":230},{"color":54},{"type":134},{"text":233,"type":45,"marks":234},"Adequate lighting in the kitchen",[235,237,239],{"type":125,"attrs":236},{"href":227,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":238},{"color":54},{"type":134},{"text":241,"type":45,"marks":242}," is essential, both for functionality and aesthetics. Consider installing task lighting under cabinets, pendant lights over islands or breakfast bars, and recessed lighting for overall illumination. Adding dimmer switches can provide flexibility and create ambiance.",[243],{"type":52,"attrs":244},{"color":54},{"type":105,"content":246},[247],{"type":41,"content":248},[249,255,264],{"text":250,"type":45,"marks":251},"Install a stylish backsplash:",[252,253],{"type":113},{"type":52,"attrs":254},{"color":54},{"text":256,"type":45,"marks":257}," A visually appealing backsplash",[258,261,263],{"type":125,"attrs":259},{"href":260,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://tilestonesource.com/stone-source-academy/7-designer-tips-to-choosing-a-backsplash-kitchen-wall-tile/",{"type":52,"attrs":262},{"color":54},{"type":134},{"text":265,"type":45,"marks":266}," can add personality and charm to your kitchen while also protecting the walls from splashes and spills. Choose a durable and easy-to-clean material, like subway tile, glass mosaic, or natural stone, in a design that complements your kitchen's style. This is a minor kitchen remodel or DIY project, but can be a massive selling point. You can find ideas for how to do this on realtors’ websites and remodeling magazines. ",[267],{"type":52,"attrs":268},{"color":54},{"type":105,"content":270},[271],{"type":41,"content":272},[273,279],{"text":274,"type":45,"marks":275},"Update fixtures and hardware:",[276,277],{"type":113},{"type":52,"attrs":278},{"color":54},{"text":280,"type":45,"marks":281}," Replace outdated faucets, sinks, and cabinet hardware with modern, stylish options that complement the overall design of your kitchen. Pay attention to finishes and choose cohesive hardware throughout the space for a polished look.",[282],{"type":52,"attrs":283},{"color":54},{"type":41,"content":285},[286],{"text":287,"type":45,"marks":288},"Aim for a balance between functionality, aesthetics, and quality to get the most value when you resell, in order to easily recoup your investment.",[289],{"type":52,"attrs":290},{"color":54},{"type":56,"attrs":292,"content":293},{"level":87},[294],{"text":295,"type":45,"marks":296},"2. Bathroom remodel",[297],{"type":52,"attrs":298},{"color":54},{"type":41,"content":300},[301],{"text":302,"type":45,"marks":303},"Similar to the kitchen, bathrooms play a pivotal role in shaping a home's value and appeal. A well-designed bathroom with modern amenities can add value to your property. Here are some bathroom remodels that can have a big impact and add the most resale value to your home:",[304],{"type":52,"attrs":305},{"color":54},{"type":102,"content":307},[308],{"type":105,"content":309},[310],{"type":41,"content":311},[312,318],{"text":313,"type":45,"marks":314},"Modernize fixtures: ",[315,316],{"type":113},{"type":52,"attrs":317},{"color":54},{"text":319,"type":45,"marks":320},"Upgrading fixtures like faucets, sinks, showerheads, and toilets can instantly refresh the look and feel of your bathroom. Choose stylish and high-quality fixtures that complement the overall design and provide improved functionality. Features like water-saving faucets and low-flow toilets are also attractive to eco-conscious buyers.",[321],{"type":52,"attrs":322},{"color":54},{"type":102,"content":324},[325],{"type":105,"content":326},[327],{"type":41,"content":328},[329,335],{"text":330,"type":45,"marks":331},"Update tile work",[332,333],{"type":113},{"type":52,"attrs":334},{"color":54},{"text":336,"type":45,"marks":337},": Refreshing or replacing tile work in the bathroom can have a dramatic impact on its appearance. Consider updating the flooring, shower surround, or backsplash with modern and durable tile options such as porcelain, ceramic, or natural stone. Choose colors and patterns that complement the overall design and style of the bathroom.",[338],{"type":52,"attrs":339},{"color":54},{"type":102,"content":341},[342],{"type":105,"content":343},[344],{"type":41,"content":345},[346,352],{"text":347,"type":45,"marks":348},"Upgrade shower or tub",[349,350],{"type":113},{"type":52,"attrs":351},{"color":54},{"text":353,"type":45,"marks":354},": Upgrading the shower or bathtub can significantly improve the functionality of your bathroom. Some popular upgrades include walk-in showers with features like a rainfall showerhead, handheld shower wand, and built-in seating. Alternatively, if space allows, consider adding a freestanding bathtub or a jetted tub for added luxury.",[355],{"type":52,"attrs":356},{"color":54},{"type":102,"content":358},[359],{"type":105,"content":360},[361],{"type":41,"content":362},[363,369],{"text":364,"type":45,"marks":365},"Enhance ventilation:",[366,367],{"type":113},{"type":52,"attrs":368},{"color":54},{"text":370,"type":45,"marks":371}," An upgrade to your bathroom ventilation might sound boring, but it’s crucial to prevent mold, mildew, and moisture damage. Consider upgrading the ventilation system with a quiet and efficient exhaust fan or installing a humidity sensor that automatically activates the fan when moisture levels rise. Improved ventilation can help maintain a healthy indoor environment and preserve the integrity of your bathroom.",[372],{"type":52,"attrs":373},{"color":54},{"type":56,"attrs":375,"content":376},{"level":87},[377],{"text":378,"type":45,"marks":379},"3. Curb appeal upgrades ",[380],{"type":52,"attrs":381},{"color":54},{"type":41,"content":383},[384],{"text":385,"type":45,"marks":386},"A kitchen and bathroom remodel might wow potential homebuyers, but it’s the curb appeal upgrades that get them in the door. First impressions matter, and the exterior of your home sets the tone for potential buyers. Here are a few ways to boost your curb appeal: ",[387],{"type":52,"attrs":388},{"color":54},{"type":102,"content":390},[391],{"type":105,"content":392},[393],{"type":41,"content":394},[395,401],{"text":396,"type":45,"marks":397},"Landscape",[398,399],{"type":113},{"type":52,"attrs":400},{"color":54},{"text":402,"type":45,"marks":403},": Planting colorful flowers, shrubs, and trees can add dimension and interest to your yard. Consider adding mulch, edging, and decorative rocks to create defined borders and pathways. ",[404],{"type":52,"attrs":405},{"color":54},{"type":102,"content":407},[408],{"type":105,"content":409},[410],{"type":41,"content":411},[412,418],{"text":413,"type":45,"marks":414},"Repaint the exterior:",[415,416],{"type":113},{"type":52,"attrs":417},{"color":54},{"text":419,"type":45,"marks":420}," Freshening up the paint can significantly improve the appearance of your home’s exterior. Choose a neutral color scheme that complements the architectural style of your home and blends well with the surrounding landscape. Pay attention to details: trim, shutters, and doors, and consider adding accents or contrasting colors to highlight architectural features.",[421],{"type":52,"attrs":422},{"color":54},{"type":102,"content":424},[425],{"type":105,"content":426},[427],{"type":41,"content":428},[429,435],{"text":430,"type":45,"marks":431},"Upgrade your front door",[432,433],{"type":113},{"type":52,"attrs":434},{"color":54},{"text":436,"type":45,"marks":437},": The entry door is a focal point of your home's exterior, and even a small update like a fresh coat of paint can do big things for its appearance. If you want to take it a step further, consider upgrading to higher-quality materials like wood, fiberglass, or steel, and consider adding decorative features such as sidelights, transoms, or decorative glass inserts. Also consider a garage door replacement. ",[438],{"type":52,"attrs":439},{"color":54},{"type":102,"content":441},[442],{"type":105,"content":443},[444],{"type":41,"content":445},[446,452],{"text":447,"type":45,"marks":448},"Outdoor Lighting:",[449,450],{"type":113},{"type":52,"attrs":451},{"color":54},{"text":453,"type":45,"marks":454}," Adding outdoor light fixtures can enhance both the beauty and safety of your home's exterior. Install pathway lighting along walkways, accent lights to highlight landscaping features, and porch lights to illuminate the entryway. For added security and convenience, you also might consider installing motion sensor lights.",[455],{"type":52,"attrs":456},{"color":54},{"type":102,"content":458},[459],{"type":105,"content":460},[461],{"type":41,"content":462},[463,469],{"text":464,"type":45,"marks":465},"Driveway and walkway upgrades:",[466,467],{"type":113},{"type":52,"attrs":468},{"color":54},{"text":470,"type":45,"marks":471}," Repairing or replacing your driveway and walkways can improve the overall appearance and functionality of your real estate property. Consider options like stamped concrete, pavers, or natural stone for a durable and visually appealing surface. Ensure proper drainage to prevent water pooling and erosion, and consider adding edging or borders for a polished look.",[472],{"type":52,"attrs":473},{"color":54},{"type":56,"attrs":475,"content":476},{"level":87},[477],{"text":478,"type":45,"marks":479},"4. Energy-efficient upgrades",[480],{"type":52,"attrs":481},{"color":54},{"type":41,"content":483},[484,489,498],{"text":485,"type":45,"marks":486},"Embracing energy-efficient upgrades not only aligns with contemporary ",[487],{"type":52,"attrs":488},{"color":54},{"text":490,"type":45,"marks":491},"environmental consciousness",[492,495,497],{"type":125,"attrs":493},{"href":494,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.energy.gov/energysaver/why-energy-efficiency-upgrades",{"type":52,"attrs":496},{"color":54},{"type":134},{"text":499,"type":45,"marks":500}," but also significantly enhances the overall appeal and functionality of your home. Homebuyers, increasingly mindful of sustainability, often prioritize properties with energy-efficient features. Some key areas to consider when incorporating energy efficiency into your home include: ",[501],{"type":52,"attrs":502},{"color":54},{"type":102,"content":504},[505],{"type":105,"content":506},[507],{"type":41,"content":508},[509,515,520,529],{"text":510,"type":45,"marks":511},"Energy-efficient windows: ",[512,513],{"type":113},{"type":52,"attrs":514},{"color":54},{"text":516,"type":45,"marks":517},"Upgrading to ",[518],{"type":52,"attrs":519},{"color":54},{"text":521,"type":45,"marks":522},"new windows",[523,526,528],{"type":125,"attrs":524},{"href":525,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.energy.gov/energysaver/update-or-replace-windows",{"type":52,"attrs":527},{"color":54},{"type":134},{"text":530,"type":45,"marks":531}," not only enhances insulation but also helps regulate indoor temperatures. This can result in lower heating and cooling costs while providing improved comfort and noise reduction. ",[532],{"type":52,"attrs":533},{"color":54},{"type":102,"content":535},[536],{"type":105,"content":537},[538],{"type":41,"content":539},[540,546],{"text":541,"type":45,"marks":542},"Programmable thermostat installation:",[543,544],{"type":113},{"type":52,"attrs":545},{"color":54},{"text":547,"type":45,"marks":548}," Installing a programmable thermostat allows for precise control over your home’s temperature, optimizing energy usage. This thoughtful addition not only contributes to cost savings but also reflects a commitment to modern, eco-friendly living. ",[549],{"type":52,"attrs":550},{"color":54},{"type":102,"content":552},[553],{"type":105,"content":554},[555],{"type":41,"content":556},[557,563],{"text":558,"type":45,"marks":559},"Enhanced insulation: ",[560,561],{"type":113},{"type":52,"attrs":562},{"color":54},{"text":564,"type":45,"marks":565},"Adequate insulation is a fundamental aspect of energy efficiency. Adding insulation to walls, attics, and crawl spaces helps maintain a consistent indoor temperature, reducing the reliance on heating and cooling systems and ultimately lowering energy consumption. ",[566],{"type":52,"attrs":567},{"color":54},{"type":102,"content":569},[570],{"type":105,"content":571},[572],{"type":41,"content":573},[574,580],{"text":575,"type":45,"marks":576},"Roof maintenance: ",[577,578],{"type":113},{"type":52,"attrs":579},{"color":54},{"text":581,"type":45,"marks":582},"Regular roof maintenance is crucial for preserving energy efficiency. Ensuring your roof is in good condition prevents energy loss and potential water damage, contributing to a sustainable and resilient home. ",[583],{"type":52,"attrs":584},{"color":54},{"type":102,"content":586},[587],{"type":105,"content":588},[589],{"type":41,"content":590},[591,597,602,611],{"text":592,"type":45,"marks":593},"Investing in energy-efficient appliances: ",[594,595],{"type":113},{"type":52,"attrs":596},{"color":54},{"text":598,"type":45,"marks":599},"Upgrading to energy-efficient appliances, such as ",[600],{"type":52,"attrs":601},{"color":54},{"text":603,"type":45,"marks":604},"ENERGY STAR-rated products",[605,608,610],{"type":125,"attrs":606},{"href":607,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.energystar.gov/",{"type":52,"attrs":609},{"color":54},{"type":134},{"text":612,"type":45,"marks":613},", not only reduces your utility costs but also appeals to eco-conscious homebuyers. These appliances are designed to consume less energy without compromising performance, making them an attractive investment for both financial and environmental reasons. ",[614],{"type":52,"attrs":615},{"color":54},{"type":56,"attrs":617,"content":618},{"level":87},[619],{"text":620,"type":45,"marks":621},"5. Finished basement or attic conversion",[622],{"type":52,"attrs":623},{"color":54},{"type":41,"content":625},[626],{"text":627,"type":45,"marks":628},"Unused basements or attics are versatile spaces that can be reimagined and repurposed to cater to various needs and preferences, contributing not only to the functionality of your living space but also enhancing its market appeal. Consider the following possibilities when contemplating the conversion of your basement or attic: ",[629],{"type":52,"attrs":630},{"color":54},{"type":102,"content":632},[633],{"type":105,"content":634},[635],{"type":41,"content":636},[637,643],{"text":638,"type":45,"marks":639},"Home office: ",[640,641],{"type":113},{"type":52,"attrs":642},{"color":54},{"text":644,"type":45,"marks":645},"Transforming your basement or attic into a dedicated home office provides a secluded and focused workspace. With the rise of remote work, a thoughtfully designed home office can add significant value to your property by catering to the demands of a contemporary lifestyle. ",[646],{"type":52,"attrs":647},{"color":54},{"type":102,"content":649},[650],{"type":105,"content":651},[652],{"type":41,"content":653},[654,660],{"text":655,"type":45,"marks":656},"Guest suite: ",[657,658],{"type":113},{"type":52,"attrs":659},{"color":54},{"text":661,"type":45,"marks":662},"Converting the space into a comfortable guest suite offers a welcoming retreat for visitors. Equipping it with a private bathroom and cozy amenities not only provides convenience for guests but also adds a touch of luxury to your home, increasing its overall desirability.",[663],{"type":52,"attrs":664},{"color":54},{"type":102,"content":666},[667],{"type":105,"content":668},[669],{"type":41,"content":670},[671,677],{"text":672,"type":45,"marks":673},"Entertainment room: ",[674,675],{"type":113},{"type":52,"attrs":676},{"color":54},{"text":678,"type":45,"marks":679},"Whether it’s a home theater, gaming room, or a multifunctional space for family gatherings, this conversion adds an element of entertainment and relaxation to your home, allowing for a designated space to unwind and enjoy leisure activities. ",[680],{"type":52,"attrs":681},{"color":54},{"type":102,"content":683},[684],{"type":105,"content":685},[686],{"type":41,"content":687},[688,694],{"text":689,"type":45,"marks":690},"Fitness area: ",[691,692],{"type":113},{"type":52,"attrs":693},{"color":54},{"text":695,"type":45,"marks":696},"Whether it’s a home gym, yoga studio, or workout space, converting your basement or attic into a fitness haven not only enhances your lifestyles but also appeals to health-conscious buyers. ",[697],{"type":52,"attrs":698},{"color":54},{"type":41,"content":700},[701],{"text":702,"type":45,"marks":703},"Each of these conversion options contributes to the adaptability and allure of your home, catering to a diverse range of preferences and lifestyles. You not only expand your living area but also increase home value, making it a more enticing and functional space for both current and future residents. ",[704],{"type":52,"attrs":705},{"color":54},{"type":56,"attrs":707,"content":708},{"level":87},[709],{"text":710,"type":45,"marks":711},"6. Deck or patio addition",[712],{"type":52,"attrs":713},{"color":54},{"type":41,"content":715},[716,721,730],{"text":717,"type":45,"marks":718},"The addition of a deck, patio, or outdoor kitchen goes beyond mere aesthetics, promising an ",[719],{"type":52,"attrs":720},{"color":54},{"text":722,"type":45,"marks":723},"extension of your living space",[724,727,729],{"type":125,"attrs":725},{"href":726,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.bhg.com/home-improvement/exteriors/curb-appeal/outdoor-updates-that-add-home-value/",{"type":52,"attrs":728},{"color":54},{"type":134},{"text":731,"type":45,"marks":732}," and a heightened appreciation of your property. When considering such an enhancement, several key options come into play:",[733],{"type":52,"attrs":734},{"color":54},{"type":102,"content":736},[737],{"type":105,"content":738},[739],{"type":41,"content":740},[741,747],{"text":742,"type":45,"marks":743},"Expanding living space: ",[744,745],{"type":113},{"type":52,"attrs":746},{"color":54},{"text":748,"type":45,"marks":749},"A well-designed deck, patio, or outdoor kitchen provides a seamless transition between indoor and outdoor living. This expansion of living space becomes a versatile canvas for various activities, from leisurely family gatherings to alfresco dining and entertaining. ",[750],{"type":52,"attrs":751},{"color":54},{"type":102,"content":753},[754],{"type":105,"content":755},[756],{"type":41,"content":757},[758,764],{"text":759,"type":45,"marks":760},"Durable materials: ",[761,762],{"type":113},{"type":52,"attrs":763},{"color":54},{"text":765,"type":45,"marks":766},"Opting for durable materials is paramount in ensuring the longevity and resilience of your outdoor addition. Materials such as composite decking or natural stone for patios not only withstand the elements but also require minimal maintenance, preserving the aesthetic appeal of your outdoor space over time. ",[767],{"type":52,"attrs":768},{"color":54},{"type":102,"content":770},[771],{"type":105,"content":772},[773],{"type":41,"content":774},[775,781],{"text":776,"type":45,"marks":777},"Landscaping integration: ",[778,779],{"type":113},{"type":52,"attrs":780},{"color":54},{"text":782,"type":45,"marks":783},"Incorporating landscaping elements is a good way to merge your outdoor living space with the natural surroundings. Strategically placed plants, trees, or even a well-designed garden can enhance the ambiance, providing a sense of tranquility and connection to nature. ",[784],{"type":52,"attrs":785},{"color":54},{"type":102,"content":787},[788],{"type":105,"content":789},[790],{"type":41,"content":791},[792,798],{"text":793,"type":45,"marks":794},"Built-in features: ",[795,796],{"type":113},{"type":52,"attrs":797},{"color":54},{"text":799,"type":45,"marks":800},"Consider incorporating built-in features like seating areas, fire pits, or outdoor kitchens to elevate the functionality and visual appeal of your outdoor space. These elements add convenience and create a cohesive and well-designed environment for relaxation and entertainment. ",[801],{"type":52,"attrs":802},{"color":54},{"type":102,"content":804},[805],{"type":105,"content":806},[807],{"type":41,"content":808},[809,815],{"text":810,"type":45,"marks":811},"Outdoor kitchen considerations:",[812,813],{"type":113},{"type":52,"attrs":814},{"color":54},{"text":816,"type":45,"marks":817}," If an outdoor kitchen is part of your vision, think about practical elements such as durable countertops, weather-resistant appliances, and adequate storage. This addition can redefine your outdoor experience, turning it into a culinary haven for gatherings and celebrations.",[818],{"type":52,"attrs":819},{"color":54},{"type":41,"content":821},[822],{"text":823,"type":45,"marks":824},"In essence, the addition of a deck, patio, or outdoor kitchen is an investment that seamlessly blends aesthetics and functionality. As an integral part of your home, this outdoor oasis becomes a focal point for relaxation, entertainment, and the appreciation of natural surroundings. It’s important to note that swimming pools can be high-end investments that don’t necessarily add much to the average cost per square footage. ",[825],{"type":52,"attrs":826},{"color":54},{"type":56,"attrs":828,"content":829},{"level":87},[830],{"text":831,"type":45,"marks":832},"7. Smart home technology integration",[833],{"type":52,"attrs":834},{"color":54},{"type":41,"content":836},[837],{"text":838,"type":45,"marks":839},"Integrating smart home technology into your living space goes beyond mere convenience; it revolutionizes the way you interact with and experience your home. The incorporation of intelligent devices not only enhances comfort but also contributes to a more efficient, secure, and personalized living environment. When contemplating the integration of smart home technology, consider the following key aspects: ",[840],{"type":52,"attrs":841},{"color":54},{"type":102,"content":843},[844],{"type":105,"content":845},[846],{"type":41,"content":847},[848,854],{"text":849,"type":45,"marks":850},"Convenience and comfort: ",[851,852],{"type":113},{"type":52,"attrs":853},{"color":54},{"text":855,"type":45,"marks":856},"Smart home technology significantly elevates the convenience and comfort levels within your residence. With the ability to control various aspects of your home through a centralized system or mobile app, you gain unprecedented control over your environment, from adjusting the thermostat to setting the mood with smart lighting. ",[857],{"type":52,"attrs":858},{"color":54},{"type":102,"content":860},[861],{"type":105,"content":862},[863],{"type":41,"content":864},[865,871,876,885],{"text":866,"type":45,"marks":867},"Smart thermostats: ",[868,869],{"type":113},{"type":52,"attrs":870},{"color":54},{"text":872,"type":45,"marks":873},"Installing a smart thermostat offers precise control over your home’s heating and cooling systems. These devices learn your preferences over time, ",[874],{"type":52,"attrs":875},{"color":54},{"text":877,"type":45,"marks":878},"optimizing energy usage",[879,882,884],{"type":125,"attrs":880},{"href":881,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.consumerreports.org/appliances/thermostats/are-smart-thermostats-worth-it-a7822875275/",{"type":52,"attrs":883},{"color":54},{"type":134},{"text":886,"type":45,"marks":887}," and providing a comfortable living space while reducing utility costs. ",[888],{"type":52,"attrs":889},{"color":54},{"type":102,"content":891},[892],{"type":105,"content":893},[894],{"type":41,"content":895},[896,902],{"text":897,"type":45,"marks":898},"Security systems:",[899,900],{"type":113},{"type":52,"attrs":901},{"color":54},{"text":903,"type":45,"marks":904}," Smart security systems often include features such as motion detectors, doorbell cameras, and remote monitoring, providing real-time insights into the security of your property, even when you’re away.",[905],{"type":52,"attrs":906},{"color":54},{"type":102,"content":908},[909],{"type":105,"content":910},[911],{"type":41,"content":912},[913,919],{"text":914,"type":45,"marks":915},"Lighting controls: ",[916,917],{"type":113},{"type":52,"attrs":918},{"color":54},{"text":920,"type":45,"marks":921},"Implementing smart lighting controls allows you to customize and automate your home’s lighting scheme. From adjusting the brightness to setting specific lighting scenes for different occasions, smart lighting adds both ambiance and energy efficiency. ",[922],{"type":52,"attrs":923},{"color":54},{"type":102,"content":925},[926],{"type":105,"content":927},[928],{"type":41,"content":929},[930,936],{"text":931,"type":45,"marks":932},"Home automation features: ",[933,934],{"type":113},{"type":52,"attrs":935},{"color":54},{"text":937,"type":45,"marks":938},"Explore the possibilities of home automation, which can include integrating smart devices like smart locks, smart blinds, and smart appliances. Automation features enable you to synchronize various aspects of your home, streamlining routines and creating a more responsive and intelligent living space. ",[939],{"type":52,"attrs":940},{"color":54},{"type":41,"content":942},[943],{"text":944,"type":45,"marks":945},"The adaptability and customization offered by these systems cater to a spectrum of preferences, transforming your residence into a modern, connected haven that aligns with the demands of contemporary living. ",[946],{"type":52,"attrs":947},{"color":54},{"type":56,"attrs":949,"content":950},{"level":87},[951],{"text":952,"type":45,"marks":953},"8. Flooring upgrades ",[954],{"type":52,"attrs":955},{"color":54},{"type":41,"content":957},[958],{"text":959,"type":45,"marks":960},"Upgrading your flooring can not only enhance the aesthetic appeal of your home, but also significantly impact its value. The choice of flooring materials plays a crucial role in this endeavor, and the decision can be influenced by various factors, including the specific needs of each room and the potential energy benefits associated with certain materials. ",[961],{"type":52,"attrs":962},{"color":54},{"type":102,"content":964},[965],{"type":105,"content":966},[967],{"type":41,"content":968},[969,975],{"text":970,"type":45,"marks":971},"Materials matter: ",[972,973],{"type":113},{"type":52,"attrs":974},{"color":54},{"text":976,"type":45,"marks":977},"When contemplating flooring upgrades, consider materials that strike a balance between durability, aesthetics, and functionality. Hardwood flooring, for example, adds a timeless and elegant touch to living spaces, while laminate or vinyl options offer cost-effective solutions with a wide range of styles. Tile, on the other hand, provides durability and is an excellent choice for high-traffic areas, especially kitchens and bathrooms. ",[978],{"type":52,"attrs":979},{"color":54},{"type":102,"content":981},[982],{"type":105,"content":983},[984],{"type":41,"content":985},[986,992],{"text":987,"type":45,"marks":988},"Energy efficiency: ",[989,990],{"type":113},{"type":52,"attrs":991},{"color":54},{"text":993,"type":45,"marks":994},"While not traditionally associated with energy efficiency, certain flooring materials can contribute to a home’s overall thermal performance. Carpets and rugs, for instance, provide additional insulation, helping to retain warmth and reduce energy consumption during colder months. Additionally, materials like cork and bamboo possess natural insulating properties, providing a comfortable and energy-efficient flooring solution.",[995],{"type":52,"attrs":996},{"color":54},{"type":102,"content":998},[999],{"type":105,"content":1000},[1001],{"type":41,"content":1002},[1003,1009,1014,1023],{"text":1004,"type":45,"marks":1005},"Underfloor heating options: ",[1006,1007],{"type":113},{"type":52,"attrs":1008},{"color":54},{"text":1010,"type":45,"marks":1011},"For an innovative approach to energy efficiency, consider underfloor heating systems. When combined with materials like ceramic tile or engineered wood, underfloor heating not only adds a touch of luxury, but also ",[1012],{"type":52,"attrs":1013},{"color":54},{"text":1015,"type":45,"marks":1016},"enhances the overall energy efficiency",[1017,1020,1022],{"type":125,"attrs":1018},{"href":1019,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.energy.gov/energysaver/radiant-heating#:~:text=When%20radiant%20heating%20is%20located,because%20it%20eliminates%20duct%20losses.",{"type":52,"attrs":1021},{"color":54},{"type":134},{"text":1024,"type":45,"marks":1025}," of your home, providing even and consistent warmth. ",[1026],{"type":52,"attrs":1027},{"color":54},{"type":102,"content":1029},[1030],{"type":105,"content":1031},[1032],{"type":41,"content":1033},[1034,1040],{"text":1035,"type":45,"marks":1036},"Sustainable choices: ",[1037,1038],{"type":113},{"type":52,"attrs":1039},{"color":54},{"text":1041,"type":45,"marks":1042},"Opting for sustainable and eco-friendly flooring materials can also appeal to eco-conscious homebuyers. Materials such as bamboo, cork, and reclaimed wood are renewable resources that contribute to a greener living environment. ",[1043],{"type":52,"attrs":1044},{"color":54},{"type":102,"content":1046},[1047],{"type":105,"content":1048},[1049],{"type":41,"content":1050},[1051,1057],{"text":1052,"type":45,"marks":1053},"Room-specific considerations:",[1054,1055],{"type":113},{"type":52,"attrs":1056},{"color":54},{"text":1058,"type":45,"marks":1059}," Tailoring your flooring choices to the specific needs of each room is essential. For instance, moisture-resistant materials like tile or vinyl work well in bathrooms and kitchens, while plush carpets may be an excellent choice for living rooms and bedrooms, providing comfort and sound insulation. ",[1060],{"type":52,"attrs":1061},{"color":54},{"type":56,"attrs":1063,"content":1064},{"level":87},[1065],{"text":1066,"type":45,"marks":1067},"9. Upgrading home systems",[1068],{"type":52,"attrs":1069},{"color":54},{"type":41,"content":1071},[1072],{"text":1073,"type":45,"marks":1074},"Upgrading essential home systems, such as HVAC (Heating, Ventilation, and Air Conditioning), plumbing, and electrical components, is a proactive approach to maintaining the seamless functionality of your residence. These critical systems are the backbone of a comfortable and efficient living space, and investing in their upgrade not only ensures their reliability but also results in several benefits for homeowners:",[1075],{"type":52,"attrs":1076},{"color":54},{"type":102,"content":1078},[1079],{"type":105,"content":1080},[1081],{"type":41,"content":1082},[1083,1089],{"text":1084,"type":45,"marks":1085},"Efficiency and performance improvement: ",[1086,1087],{"type":113},{"type":52,"attrs":1088},{"color":54},{"text":1090,"type":45,"marks":1091},"Upgrading HVAC systems, plumbing, and electrical infrastructure often involves incorporating advanced technologies and more energy-efficient components. This results in improved performance, reduced energy consumption, and lower utility costs over time. ",[1092],{"type":52,"attrs":1093},{"color":54},{"type":102,"content":1095},[1096],{"type":105,"content":1097},[1098],{"type":41,"content":1099},[1100,1106],{"text":1101,"type":45,"marks":1102},"Enhanced safety standards: ",[1103,1104],{"type":113},{"type":52,"attrs":1105},{"color":54},{"text":1107,"type":45,"marks":1108},"Outdated or malfunctioning home systems can pose safety risks. Upgrading these systems ensures that they meet current safety standards and adhere to modern building codes, providing peace of mind for homeowners.",[1109],{"type":52,"attrs":1110},{"color":54},{"type":102,"content":1112},[1113],{"type":105,"content":1114},[1115],{"type":41,"content":1116},[1117,1123],{"text":1118,"type":45,"marks":1119},"Long-term cost savings: ",[1120,1121],{"type":113},{"type":52,"attrs":1122},{"color":54},{"text":1124,"type":45,"marks":1125},"While there is an initial investment in upgrading home systems, the long-term cost savings can be substantial. Modern systems are designed to be more energy-efficient, resulting in lower utility bills and reduced maintenance costs over the years. ",[1126],{"type":52,"attrs":1127},{"color":54},{"type":102,"content":1129},[1130],{"type":105,"content":1131},[1132],{"type":41,"content":1133},[1134,1140],{"text":1135,"type":45,"marks":1136},"Preventative maintenance:",[1137,1138],{"type":113},{"type":52,"attrs":1139},{"color":54},{"text":1141,"type":45,"marks":1142}," Regular upgrades and replacements serve as a form of preventative maintenance, addressing potential issues before they escalate into costly repairs. This proactive approach ensures the longevity and reliability of essential home systems. ",[1143],{"type":52,"attrs":1144},{"color":54},{"type":56,"attrs":1146,"content":1147},{"level":87},[1148],{"text":1149,"type":45,"marks":1150},"How to pay for home remodeling projects",[1151],{"type":52,"attrs":1152},{"color":54},{"type":41,"content":1154},[1155],{"text":1156,"type":45,"marks":1157},"If you don’t already have the funds for a home improvement, securing them can involve some research. Here are some sources commonly used for renovations. Which you choose will depend on your personal financial situation. ",[1158],{"type":52,"attrs":1159},{"color":54},{"type":102,"content":1161},[1162],{"type":105,"content":1163},[1164],{"type":41,"content":1165},[1166,1172,1177,1186],{"text":1167,"type":45,"marks":1168},"Cash savings",[1169,1170],{"type":113},{"type":52,"attrs":1171},{"color":54},{"text":1173,"type":45,"marks":1174},": Paying for home improvements with cash is often the most cost-effective option because it avoids interest charges and ",[1175],{"type":52,"attrs":1176},{"color":54},{"text":1178,"type":45,"marks":1179},"debt accumulation",[1180,1183,1185],{"type":125,"attrs":1181},{"href":1182,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/how-to-pay-off-credit-card-debt-fast/",{"type":52,"attrs":1184},{"color":54},{"type":134},{"text":1187,"type":45,"marks":1188},". If you have sufficient savings or an emergency fund set aside, using cash to fund your projects can help you avoid taking on additional debt and maintain financial flexibility.",[1189],{"type":52,"attrs":1190},{"color":54},{"type":102,"content":1192},[1193],{"type":105,"content":1194},[1195],{"type":41,"content":1196},[1197,1203,1207,1216],{"text":1198,"type":45,"marks":1199},"Home Equity Loans or Lines of Credit:",[1200,1201],{"type":113},{"type":52,"attrs":1202},{"color":54},{"text":223,"type":45,"marks":1204},[1205],{"type":52,"attrs":1206},{"color":54},{"text":1208,"type":45,"marks":1209},"Home equity loans and home equity lines of credit (HELOCs) ",[1210,1213,1215],{"type":125,"attrs":1211},{"href":1212,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/how-does-a-heloc-work/",{"type":52,"attrs":1214},{"color":54},{"type":134},{"text":1217,"type":45,"marks":1218},"allow homeowners to borrow against the equity in their home to fund home improvement projects. These loans typically offer lower interest rates compared to personal loans or credit cards, and the interest may be tax-deductible in some cases. Keep in mind that using your home as collateral means you risk foreclosure if you fail to repay the loan.",[1219],{"type":52,"attrs":1220},{"color":54},{"type":102,"content":1222},[1223],{"type":105,"content":1224},[1225],{"type":41,"content":1226},[1227,1233,1242,1250],{"text":1228,"type":45,"marks":1229},"Personal loans: ",[1230,1231],{"type":113},{"type":52,"attrs":1232},{"color":54},{"text":1234,"type":45,"marks":1235},"Personal loans",[1236,1239,1241],{"type":125,"attrs":1237},{"href":1238,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/how-do-personal-loans-work/",{"type":52,"attrs":1240},{"color":54},{"type":134},{"text":1243,"type":45,"marks":1244},"1",[1245,1248],{"type":48,"attrs":1246},{"class":1247},"superscript",{"type":52,"attrs":1249},{"color":54},{"text":1251,"type":45,"marks":1252}," are unsecured loans that can be used to finance home improvement projects. They typically have fixed interest rates and repayment terms, making them a predictable option for budgeting purposes. Personal loans may have higher interest rates compared to home equity loans or HELOCs, but they do not require collateral. Typically, these are better for smaller home improvement projects. ",[1253],{"type":52,"attrs":1254},{"color":54},{"type":102,"content":1256},[1257],{"type":105,"content":1258},[1259],{"type":41,"content":1260},[1261,1267,1272,1281,1288],{"text":1262,"type":45,"marks":1263},"Credit cards:",[1264,1265],{"type":113},{"type":52,"attrs":1266},{"color":54},{"text":1268,"type":45,"marks":1269}," Using ",[1270],{"type":52,"attrs":1271},{"color":54},{"text":1273,"type":45,"marks":1274},"credit cards",[1275,1278,1280],{"type":125,"attrs":1276},{"href":1277,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/how-to-choose-a-credit-card/",{"type":52,"attrs":1279},{"color":54},{"type":134},{"text":1282,"type":45,"marks":1283},"2",[1284,1286],{"type":48,"attrs":1285},{"class":1247},{"type":52,"attrs":1287},{"color":54},{"text":1289,"type":45,"marks":1290}," to finance home improvement projects can provide convenience and flexibility, but it can also be dangerous. It’s important to be cautious of high interest rates and fees. Consider using a credit card with a low introductory APR or a rewards program to maximize benefits. Paying off the balance in full each month can help avoid accumulating interest charges. These are only recommended for very small home improvement projects, as debt can accumulate quickly. ",[1291],{"type":52,"attrs":1292},{"color":54},{"type":102,"content":1294},[1295],{"type":105,"content":1296},[1297],{"type":41,"content":1298},[1299,1305],{"text":1300,"type":45,"marks":1301},"Refinancing",[1302,1303],{"type":113},{"type":52,"attrs":1304},{"color":54},{"text":1306,"type":45,"marks":1307},": Refinancing your mortgage to take advantage of lower interest rates or to access equity can provide funds for home improvement projects. Cash-out refinancing allows you to borrow more than your current mortgage balance and use the excess funds for renovations. Keep in mind that refinancing typically involves closing costs and may extend the repayment period of your mortgage.",[1308],{"type":52,"attrs":1309},{"color":54},{"type":56,"attrs":1311,"content":1312},{"level":87},[1313],{"text":1314,"type":45,"marks":1315},"Get funding for your next home improvement project",[1316],{"type":52,"attrs":1317},{"color":54},{"type":41,"content":1319},[1320],{"text":1321,"type":45,"marks":1322},"Examining home improvement ideas is crucial for enhancing the aesthetic appeal, functionality, and overall market desirability of your home. This strategic approach not only improves your current living experience, but also serves as a wise investment for potential future sales or financial flexibility. ",[1323],{"type":52,"attrs":1324},{"color":54},{"type":41,"content":1326},[1327,1332,1339,1347],{"text":1328,"type":45,"marks":1329},"If you’re exploring funding options to upgrade your home, give Navient Marketplace a try. Our platform effortlessly links you with lenders, providing customized offers that match your financial needs and credit profile. Just enter a few details about yourself and",[1330],{"type":52,"attrs":1331},{"color":54},{"text":223,"type":45,"marks":1333},[1334,1337],{"type":125,"attrs":1335},{"href":1336,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/",{"type":52,"attrs":1338},{"color":54},{"text":1340,"type":45,"marks":1341},"get personalized results within minutes",[1342,1344,1346],{"type":125,"attrs":1343},{"href":1336,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1345},{"color":54},{"type":134},{"text":1348,"type":45,"marks":1349},".",[1350],{"type":52,"attrs":1351},{"color":54},{"type":41,"content":1353},[1354],{"text":1355,"type":45,"marks":1356},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[1357,1359],{"type":48,"attrs":1358},{"class":50},{"type":52,"attrs":1360},{"color":54},{"type":41,"content":1362},[1363,1369],{"text":1243,"type":45,"marks":1364},[1365,1367],{"type":48,"attrs":1366},{"class":1247},{"type":52,"attrs":1368},{"color":54},{"text":1370,"type":45,"marks":1371}," Navient customers are invited to consider personal loan offers through our partner Fiona. Navient has not shared your information with Fiona and is not involved in the personal loan application process in any manner.  All information is submitted directly to Fiona and any personal loan offers are made directly by participants in Fiona’s lending platform, powered by Even Financial.  Even Financial, Inc. is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[1372,1374],{"type":48,"attrs":1373},{"class":50},{"type":52,"attrs":1375},{"color":54},{"type":41,"content":1377},[1378],{"text":1379,"type":45,"marks":1380},"Loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans.",[1381,1383],{"type":48,"attrs":1382},{"class":50},{"type":52,"attrs":1384},{"color":54},{"type":41,"content":1386},[1387,1393],{"text":1282,"type":45,"marks":1388},[1389,1391],{"type":48,"attrs":1390},{"class":1247},{"type":52,"attrs":1392},{"color":54},{"text":1394,"type":45,"marks":1395}," Navient has partnered with CardRatings for our credit card products. Navient and CardRatings may receive a commission from card issuers. Opinions. reviews, analyses & recommendations are Navient's alone, and have not been reviewed, endorsed or approved by any of these entities. ",[1396,1398],{"type":48,"attrs":1397},{"class":50},{"type":52,"attrs":1399},{"color":54},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798143\"}-->","BlogText","https://www.marketplace.navient.com/blog/home-improvement-ideas-to-increase-value/","March 8, 2024","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798143\"}-->","home-improvement-ideas-to-increase-value","navient_marketplace/blog/home-improvement-ideas-to-increase-value",-500,[],651751493,"53839e37-93a6-46c8-8d92-633ef548db5b","2024-01-25T08:57:00.000Z","default",[],{"name":1415,"created_at":1416,"published_at":1417,"updated_at":1418,"id":1419,"uuid":1420,"content":1421,"slug":2404,"full_slug":2405,"sort_by_date":128,"position":1407,"tag_list":2406,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":2407,"first_published_at":2408,"release_id":128,"lang":1412,"path":128,"alternates":2409,"default_full_slug":128,"translated_slugs":128},"The 9 Best Ways to Use Your Tax Refund","2025-04-07T18:29:56.839Z","2025-12-26T13:45:11.167Z","2025-12-26T13:45:11.199Z",651798142,"6a0b0a6f-a3e0-4c49-9a76-528ab36e8bf2",{"seo":1422,"_uid":20,"hero":1425,"author":30,"category":1430,"featured":28,"imageAlt":18,"component":32,"blogContents":1431,"canonicalTag":2402,"publishedDate":1403,"_editable":2403},{"_uid":15,"title":1423,"plugin":17,"og_image":18,"og_title":18,"description":1424,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"The 9 Best Ways to Use Your Tax Refund | Navient Marketplace","Want to make the most of your tax refund this year? Here are 9 great ways (including ones that can make you money) to put it to use.",[1426],{"id":18,"_uid":23,"image":1427,"intro":1424,"classes":18,"_editable":1428,"blogTitle":1415,"component":26,"imageLink":1429,"blendImage":28,"backgroundColor":29},"//a.storyblok.com/f/110029/5568x3712/a61f8a40cc/best-way-to-use-tax-refund.png","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"ee81b4ff-6c03-4123-98ae-73405dea4592\", \"id\": \"651798142\"}-->","/images/best-way-to-use-tax-refund.webp","Finance 101",[1432],{"_uid":35,"color":36,"richText":1433,"_editable":2401,"component":1401},{"type":38,"content":1434},[1435,1444,1451,1459,1481,1488,1508,1542,1563,1584,1592,1599,1606,1613,1697,1705,1740,1761,1768,1776,1783,1790,1807,1824,1841,1858,1875,1892,1900,1928,1935,1952,1969,1986,2003,2020,2037,2054,2071,2088,2105,2122,2129,2137,2144,2151,2159,2180,2197,2214,2231,2248,2265,2282,2290,2297,2304,2311,2319,2326,2334,2341,2366,2375,2384,2393],{"type":41,"content":1436},[1437],{"text":44,"type":45,"marks":1438},[1439,1441],{"type":48,"attrs":1440},{"class":50},{"type":52,"attrs":1442},{"color":1443},"rgb(0, 0, 0)",{"type":41,"content":1445},[1446],{"text":1447,"type":45,"marks":1448},"If you’ve found yourself with a little extra cash courtesy of a tax refund, congratulations on the financial boost! Now, before you turn your living room into a gaming hub or book the next flight to Mexico, let’s talk about some smart and satisfying ways to put that refund to good use. From treating yourself to a guilt-free splurge to making those dollars work for you, we’ve got the lowdown on the nine best ways to ride the tax refund wave. ",[1449],{"type":52,"attrs":1450},{"color":1443},{"type":56,"attrs":1452,"content":1453},{"level":87},[1454],{"text":1455,"type":45,"marks":1456},"1. Pay down debt  ",[1457],{"type":52,"attrs":1458},{"color":1443},{"type":41,"content":1460},[1461,1466,1476],{"text":1462,"type":45,"marks":1463},"Last year, the IRS disbursed over $345 billion in tax refunds, and the ",[1464],{"type":52,"attrs":1465},{"color":1443},{"text":1467,"type":45,"marks":1468},"average refund was $2,753",[1469,1472,1475],{"type":125,"attrs":1470},{"href":1471,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://time.com/personal-finance/article/average-tax-refund/",{"type":52,"attrs":1473},{"color":1474},"rgb(17, 85, 204)",{"type":134},{"text":1477,"type":45,"marks":1478},". That’s not a small amount! ",[1479],{"type":52,"attrs":1480},{"color":1443},{"type":41,"content":1482},[1483],{"text":1484,"type":45,"marks":1485},"When it comes to using this windfall wisely, one of the most effective strategies is to pay down existing debt. This financial move not only provides immediate relief but also sets the stage for a more secure financial future. ",[1486],{"type":52,"attrs":1487},{"color":1443},{"type":41,"content":1489},[1490,1495,1503],{"text":1491,"type":45,"marks":1492},"Begin by taking stock of all your outstanding debts, including credit cards, loans, and any other liabilities. Next, categorize these debts based on interest rates, outstanding balances, and repayment terms. When it comes to ",[1493],{"type":52,"attrs":1494},{"color":1443},{"text":1496,"type":45,"marks":1497},"paying off debt",[1498,1500,1502],{"type":125,"attrs":1499},{"href":1182,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1501},{"color":1474},{"type":134},{"text":1504,"type":45,"marks":1505},", you have two repayment strategies to choose from: ",[1506],{"type":52,"attrs":1507},{"color":1443},{"type":1509,"attrs":1510,"content":1511},"ordered_list",{"order":58},[1512,1527],{"type":105,"content":1513},[1514],{"type":41,"content":1515},[1516,1522],{"text":1517,"type":45,"marks":1518},"The Avalanche Method: ",[1519,1520],{"type":113},{"type":52,"attrs":1521},{"color":1443},{"text":1523,"type":45,"marks":1524},"The Avalanche Method focuses on paying off debts with the highest interest rates, such as credit card debt, first. It involves making minimum payments on all debts while allocating extra funds to the debt with the highest interest rate. Once the highest-interest debt is fully paid, the strategy continues with the next highest-interest debt. This approach minimizes the total interest paid over time. ",[1525],{"type":52,"attrs":1526},{"color":1443},{"type":105,"content":1528},[1529],{"type":41,"content":1530},[1531,1537],{"text":1532,"type":45,"marks":1533},"The Snowball Method: ",[1534,1535],{"type":113},{"type":52,"attrs":1536},{"color":1443},{"text":1538,"type":45,"marks":1539},"The Snowball Method, on the other hand, prioritizes paying off the smallest debts first. It involves making minimum payments on all the debts while directing any extra funds to the smallest debt. Once the smallest debt is paid off, the freed-up funds are then applied to the next smallest debt, creating a snowball effect. This method is more focused on the psychological boost of quick wins by eliminating smaller debts early in the process. ",[1540],{"type":52,"attrs":1541},{"color":1443},{"type":41,"content":1543},[1544,1549,1558],{"text":1545,"type":45,"marks":1546},"You can use your federal income tax refund to make significant ",[1547],{"type":52,"attrs":1548},{"color":1443},{"text":1550,"type":45,"marks":1551},"lump sum payments toward targeted debts",[1552,1555,1557],{"type":125,"attrs":1553},{"href":1554,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/which-debt-should-i-pay-off-first/",{"type":52,"attrs":1556},{"color":1474},{"type":134},{"text":1559,"type":45,"marks":1560},". By doing so, you’re reducing your interest expenses over the life of the loan. ",[1561],{"type":52,"attrs":1562},{"color":1443},{"type":41,"content":1564},[1565,1570,1579],{"text":1566,"type":45,"marks":1567},"This results in increased monthly cash flow, providing you with the flexibility to allocate resources towards savings, investments, or other ",[1568],{"type":52,"attrs":1569},{"color":1443},{"text":1571,"type":45,"marks":1572},"personal finance",[1573,1576,1578],{"type":125,"attrs":1574},{"href":1575,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/what-is-personal-finance/",{"type":52,"attrs":1577},{"color":1474},{"type":134},{"text":1580,"type":45,"marks":1581}," goals. ",[1582],{"type":52,"attrs":1583},{"color":1443},{"type":56,"attrs":1585,"content":1586},{"level":87},[1587],{"text":1588,"type":45,"marks":1589},"2. Build or boost an emergency fund",[1590],{"type":52,"attrs":1591},{"color":1443},{"type":41,"content":1593},[1594],{"text":1595,"type":45,"marks":1596},"In most tax preparation software, you can opt for a direct deposit of your tax refund. All you’ll need is the account number and routing number. ",[1597],{"type":52,"attrs":1598},{"color":1443},{"type":41,"content":1600},[1601],{"text":1602,"type":45,"marks":1603},"Then, you can transfer this money to an account of your choice. Building or beefing up your emergency savings is a smart money move, and using your federal tax refund can set you on the right path for handling unexpected financial bumps. ",[1604],{"type":52,"attrs":1605},{"color":1443},{"type":41,"content":1607},[1608],{"text":1609,"type":45,"marks":1610},"Consider your emergency fund as a financial safeguard against surprises like medical bills, car troubles, or unexpected job changes. It’s your cushion, saving you from turning to high-interest credit cards in emergencies. Here’s a closer look at how to make the most of your refund check for your emergency fund:",[1611],{"type":52,"attrs":1612},{"color":1443},{"type":1509,"attrs":1614,"content":1615},{"order":58},[1616,1631,1667,1682],{"type":105,"content":1617},[1618],{"type":41,"content":1619},[1620,1626],{"text":1621,"type":45,"marks":1622},"Figure out your fund size: ",[1623,1624],{"type":113},{"type":52,"attrs":1625},{"color":1443},{"text":1627,"type":45,"marks":1628},"Calculate your monthly living costs, considering job stability, health, and family needs. Experts often suggest aiming for three to six months’ worth of expenses.",[1629],{"type":52,"attrs":1630},{"color":1443},{"type":105,"content":1632},[1633],{"type":41,"content":1634},[1635,1641,1646,1655,1662],{"text":1636,"type":45,"marks":1637},"Start or beef up your fund:",[1638,1639],{"type":113},{"type":52,"attrs":1640},{"color":1443},{"text":1642,"type":45,"marks":1643}," If you don’t have an emergency fund, use a chunk of your tax refund to kickstart one. Open a dedicated ",[1644],{"type":52,"attrs":1645},{"color":1443},{"text":1647,"type":45,"marks":1648},"high-yield savings account",[1649,1652,1654],{"type":125,"attrs":1650},{"href":1651,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/are-high-yield-savings-accounts-worth-it/",{"type":52,"attrs":1653},{"color":1474},{"type":134},{"text":1243,"type":45,"marks":1656},[1657,1659,1660],{"type":48,"attrs":1658},{"class":1247},{"type":1247},{"type":52,"attrs":1661},{"color":18},{"text":1663,"type":45,"marks":1664}," just for emergencies. If you already have one, use your tax refund to fill in any gaps from unexpected expenses.",[1665],{"type":52,"attrs":1666},{"color":1443},{"type":105,"content":1668},[1669],{"type":41,"content":1670},[1671,1677],{"text":1672,"type":45,"marks":1673},"Prioritize accessibility:",[1674,1675],{"type":113},{"type":52,"attrs":1676},{"color":1443},{"text":1678,"type":45,"marks":1679}," Pick a savings account or tool that allows quick access to your money. While interest rates matter, focus on how easily you can get to your funds when needed. Some savings account may accrue more interest, but will they allow you immediate access to funds when an emergency strikes?",[1680],{"type":52,"attrs":1681},{"color":1443},{"type":105,"content":1683},[1684],{"type":41,"content":1685},[1686,1692],{"text":1687,"type":45,"marks":1688},"Automate contributions:",[1689,1690],{"type":113},{"type":52,"attrs":1691},{"color":1443},{"text":1693,"type":45,"marks":1694}," Make saving a habit by setting up automatic transfers or direct deposits from your checking account to your emergency fund bank account, so you’re not tempted to make withdrawals. Consistent contributions help build a reliable safety net. ",[1695],{"type":52,"attrs":1696},{"color":1443},{"type":56,"attrs":1698,"content":1699},{"level":87},[1700],{"text":1701,"type":45,"marks":1702},"3. Save for retirement ",[1703],{"type":52,"attrs":1704},{"color":1443},{"type":41,"content":1706},[1707,1712,1721,1726,1735],{"text":1708,"type":45,"marks":1709},"By steering your refund toward retirement savings, you’re making a smart investment in your financial future, paving the way for a comfy and fulfilling retirement. Make the most of tax-advantaged retirement accounts like ",[1710],{"type":52,"attrs":1711},{"color":1443},{"text":1713,"type":45,"marks":1714},"401(k)s",[1715,1718,1720],{"type":125,"attrs":1716},{"href":1717,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.irs.gov/retirement-plans/401k-plans",{"type":52,"attrs":1719},{"color":1474},{"type":134},{"text":1722,"type":45,"marks":1723},", ",[1724],{"type":52,"attrs":1725},{"color":1443},{"text":1727,"type":45,"marks":1728},"IRAs, or Roth IRAs",[1729,1732,1734],{"type":125,"attrs":1730},{"href":1731,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras",{"type":52,"attrs":1733},{"color":1474},{"type":134},{"text":1736,"type":45,"marks":1737},". Depending on the account, your contributions can be tax deductible or grow tax-free. ",[1738],{"type":52,"attrs":1739},{"color":1443},{"type":41,"content":1741},[1742,1747,1756],{"text":1743,"type":45,"marks":1744},"If you’re 50 or older, leverage ",[1745],{"type":52,"attrs":1746},{"color":1443},{"text":1748,"type":45,"marks":1749},"catch-up contributions",[1750,1753,1755],{"type":125,"attrs":1751},{"href":1752,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions",{"type":52,"attrs":1754},{"color":1474},{"type":134},{"text":1757,"type":45,"marks":1758}," allowed by retirement accounts. This lets you put in extra money beyond the usual limits, helping you catch up on building your retirement savings. Additionally, use retirement calculators to estimate your ideal savings amount. This can help guide you on how to allocate your tax refund for the most impact. ",[1759],{"type":52,"attrs":1760},{"color":1443},{"type":41,"content":1762},[1763],{"text":1764,"type":45,"marks":1765},"Finally, consider getting advice from a financial expert or tax preparer to tailor your retirement savings plan to your unique situation. Expert guidance can optimize your investment strategy and address specific savings goals or concerns. ",[1766],{"type":52,"attrs":1767},{"color":1443},{"type":56,"attrs":1769,"content":1770},{"level":87},[1771],{"text":1772,"type":45,"marks":1773},"4. Invest in education or professional development",[1774],{"type":52,"attrs":1775},{"color":1443},{"type":41,"content":1777},[1778],{"text":1779,"type":45,"marks":1780},"By investing your tax refund in education or professional development, you not only level up your knowledge and skills, but also set the stage for better career opportunities, earning potential, and overall job satisfaction. ",[1781],{"type":52,"attrs":1782},{"color":1443},{"type":41,"content":1784},[1785],{"text":1786,"type":45,"marks":1787},"This strategic investment in yourself can pave the way for a more fulfilling and successful professional journey. Plus, some of these may be deductible expenses when you file your federal tax return next year, especially if you’re self-employed. Some ways to do this include: ",[1788],{"type":52,"attrs":1789},{"color":1443},{"type":102,"content":1791},[1792],{"type":105,"content":1793},[1794],{"type":41,"content":1795},[1796,1802],{"text":1797,"type":45,"marks":1798},"Take courses or workshops: ",[1799,1800],{"type":113},{"type":52,"attrs":1801},{"color":1443},{"text":1803,"type":45,"marks":1804},"Enroll in courses, workshops, or seminars using your tax refund. Online platforms offer tons of options for conveniently boosting your knowledge and skills. ",[1805],{"type":52,"attrs":1806},{"color":1443},{"type":102,"content":1808},[1809],{"type":105,"content":1810},[1811],{"type":41,"content":1812},[1813,1819],{"text":1814,"type":45,"marks":1815},"Get certified: ",[1816,1817],{"type":113},{"type":52,"attrs":1818},{"color":1443},{"text":1820,"type":45,"marks":1821},"Consider investing in recognized certification programs. They not only boost your professional credibility but also open doors to exciting opportunities. ",[1822],{"type":52,"attrs":1823},{"color":1443},{"type":102,"content":1825},[1826],{"type":105,"content":1827},[1828],{"type":41,"content":1829},[1830,1836],{"text":1831,"type":45,"marks":1832},"Brush up on language or soft skills: ",[1833,1834],{"type":113},{"type":52,"attrs":1835},{"color":1443},{"text":1837,"type":45,"marks":1838},"Improve your language skills or work on soft skills like communication, leadership, and time management. These are versatile skills that amp up your effectiveness in various professional settings. ",[1839],{"type":52,"attrs":1840},{"color":1443},{"type":102,"content":1842},[1843],{"type":105,"content":1844},[1845],{"type":41,"content":1846},[1847,1853],{"text":1848,"type":45,"marks":1849},"Tech and digital skills: ",[1850,1851],{"type":113},{"type":52,"attrs":1852},{"color":1443},{"text":1854,"type":45,"marks":1855},"Stay in the loop with technological advancements by taking courses that build up your digital skills. This is especially crucial in today’s tech-driven work environments. ",[1856],{"type":52,"attrs":1857},{"color":1443},{"type":102,"content":1859},[1860],{"type":105,"content":1861},[1862],{"type":41,"content":1863},[1864,1870],{"text":1865,"type":45,"marks":1866},"Go to networking events: ",[1867,1868],{"type":113},{"type":52,"attrs":1869},{"color":1443},{"text":1871,"type":45,"marks":1872},"Use part of your tax refund to attend conferences, workshops, or networking events. These not only provide insights, but also help you make connections and stay updated on industry trends. ",[1873],{"type":52,"attrs":1874},{"color":1443},{"type":102,"content":1876},[1877],{"type":105,"content":1878},[1879],{"type":41,"content":1880},[1881,1887],{"text":1882,"type":45,"marks":1883},"Build a personal library: ",[1884,1885],{"type":113},{"type":52,"attrs":1886},{"color":1443},{"text":1888,"type":45,"marks":1889},"Invest in books, journals, or online subscriptions that align with your professional interests. A carefully curated collection can be a handy reference and a source of continuous learning. ",[1890],{"type":52,"attrs":1891},{"color":1443},{"type":56,"attrs":1893,"content":1894},{"level":87},[1895],{"text":1896,"type":45,"marks":1897},"5. Make home improvements",[1898],{"type":52,"attrs":1899},{"color":1443},{"type":41,"content":1901},[1902,1907,1916,1923],{"text":1903,"type":45,"marks":1904},"By strategically using your tax refund ",[1905],{"type":52,"attrs":1906},{"color":1443},{"text":1908,"type":45,"marks":1909},"for home improvements",[1910,1913,1915],{"type":125,"attrs":1911},{"href":1912,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/home-equity-loan-vs-line-of-credit/",{"type":52,"attrs":1914},{"color":1474},{"type":134},{"text":1282,"type":45,"marks":1917},[1918,1920,1921],{"type":48,"attrs":1919},{"class":1247},{"type":1247},{"type":52,"attrs":1922},{"color":18},{"text":1924,"type":45,"marks":1925},", you can not only create a more comfortable and aesthetically pleasing living environment, but also make a sound investment in the long-term value of your property. ",[1926],{"type":52,"attrs":1927},{"color":1443},{"type":41,"content":1929},[1930],{"text":1931,"type":45,"marks":1932},"Conduct a thorough assessment of your home to identify areas that require maintenance, repair or upgrades, prioritizing projects based on urgency and long-term benefits. These could include:",[1933],{"type":52,"attrs":1934},{"color":1443},{"type":102,"content":1936},[1937],{"type":105,"content":1938},[1939],{"type":41,"content":1940},[1941,1947],{"text":1942,"type":45,"marks":1943},"Energy efficiency upgrades: ",[1944,1945],{"type":113},{"type":52,"attrs":1946},{"color":1443},{"text":1948,"type":45,"marks":1949},"Think about energy-efficient upgrades like programmable thermostats or new windows. Not only do they cut down on bills, but they also make your home more eco-friendly. ",[1950],{"type":52,"attrs":1951},{"color":1443},{"type":102,"content":1953},[1954],{"type":105,"content":1955},[1956],{"type":41,"content":1957},[1958,1964],{"text":1959,"type":45,"marks":1960},"Kitchen renovations: ",[1961,1962],{"type":113},{"type":52,"attrs":1963},{"color":1443},{"text":1965,"type":45,"marks":1966},"Give your kitchen some love by upgrading appliances or changing up the layout. A kitchen facelift isn’t just practical; it adds a touch of style. ",[1967],{"type":52,"attrs":1968},{"color":1443},{"type":102,"content":1970},[1971],{"type":105,"content":1972},[1973],{"type":41,"content":1974},[1975,1981],{"text":1976,"type":45,"marks":1977},"Bathroom remodeling: ",[1978,1979],{"type":113},{"type":52,"attrs":1980},{"color":1443},{"text":1982,"type":45,"marks":1983},"Amp up your bathrooms with new fixtures or a refreshed look. A modern bathroom adds value and makes daily life a bit more luxurious. ",[1984],{"type":52,"attrs":1985},{"color":1443},{"type":102,"content":1987},[1988],{"type":105,"content":1989},[1990],{"type":41,"content":1991},[1992,1998],{"text":1993,"type":45,"marks":1994},"Landscaping and outdoor spaces:",[1995,1996],{"type":113},{"type":52,"attrs":1997},{"color":1443},{"text":1999,"type":45,"marks":2000}," Spruce up your outdoor spaces with landscaping or patio upgrades. Maybe throw in a barbecue area for some extra fun. It’s all about boosting curb appeal and creating family spaces. ",[2001],{"type":52,"attrs":2002},{"color":1443},{"type":102,"content":2004},[2005],{"type":105,"content":2006},[2007],{"type":41,"content":2008},[2009,2015],{"text":2010,"type":45,"marks":2011},"Painting and refreshing: ",[2012,2013],{"type":113},{"type":52,"attrs":2014},{"color":1443},{"text":2016,"type":45,"marks":2017},"A fresh coat of paint can work wonders inside and out. Budget for all paint, trim updates, or a facelift for the exterior. It’s an easy and affordable way to give your home a new look. ",[2018],{"type":52,"attrs":2019},{"color":1443},{"type":102,"content":2021},[2022],{"type":105,"content":2023},[2024],{"type":41,"content":2025},[2026,2032],{"text":2027,"type":45,"marks":2028},"Roof repairs or replacement: ",[2029,2030],{"type":113},{"type":52,"attrs":2031},{"color":1443},{"text":2033,"type":45,"marks":2034},"Take care of your roof with repairs or a replacement. Fixing leaks and shingles not only extends your home’s life but also prevents potential water damage. ",[2035],{"type":52,"attrs":2036},{"color":1443},{"type":102,"content":2038},[2039],{"type":105,"content":2040},[2041],{"type":41,"content":2042},[2043,2049],{"text":2044,"type":45,"marks":2045},"Smart home upgrades:",[2046,2047],{"type":113},{"type":52,"attrs":2048},{"color":1443},{"text":2050,"type":45,"marks":2051}," Dive into smart home tech for added security and convenience. Smart thermostats, security systems, or automated lighting can instantly make your home more comfortable. ",[2052],{"type":52,"attrs":2053},{"color":1443},{"type":102,"content":2055},[2056],{"type":105,"content":2057},[2058],{"type":41,"content":2059},[2060,2066],{"text":2061,"type":45,"marks":2062},"Flooring upgrades: ",[2063,2064],{"type":113},{"type":52,"attrs":2065},{"color":1443},{"text":2067,"type":45,"marks":2068},"Swap out worn-out flooring with something fresh. Whether it’s hardwood, laminate, or tile, new floors can transform your home’s look and feel. ",[2069],{"type":52,"attrs":2070},{"color":1443},{"type":102,"content":2072},[2073],{"type":105,"content":2074},[2075],{"type":41,"content":2076},[2077,2083],{"text":2078,"type":45,"marks":2079},"Basement or attic conversions: ",[2080,2081],{"type":113},{"type":52,"attrs":2082},{"color":1443},{"text":2084,"type":45,"marks":2085},"Make the most of under-used areas like the basement or attic. Convert them into a home office, guest room, or a cool entertainment spot. ",[2086],{"type":52,"attrs":2087},{"color":1443},{"type":102,"content":2089},[2090],{"type":105,"content":2091},[2092],{"type":41,"content":2093},[2094,2100],{"text":2095,"type":45,"marks":2096},"Upgrading home systems: ",[2097,2098],{"type":113},{"type":52,"attrs":2099},{"color":1443},{"text":2101,"type":45,"marks":2102},"Upgrade essential home systems like HVAC, plumbing, or electrical to keep your spaces working like it should. ",[2103],{"type":52,"attrs":2104},{"color":1443},{"type":102,"content":2106},[2107],{"type":105,"content":2108},[2109],{"type":41,"content":2110},[2111,2117],{"text":2112,"type":45,"marks":2113},"DIY projects: ",[2114,2115],{"type":113},{"type":52,"attrs":2116},{"color":1443},{"text":2118,"type":45,"marks":2119},"Feeling crafty? Try some DIY projects that match your skills and interests. Custom shelving, furniture refinishing, or unique decor can add a personal touch to your home. ",[2120],{"type":52,"attrs":2121},{"color":1443},{"type":41,"content":2123},[2124],{"text":2125,"type":45,"marks":2126},"For more complex projects or renovations, consider consulting with professionals such as contractors or interior designers. Their expertise can ensure that the investment yields optimal results and adds lasting value to your home. ",[2127],{"type":52,"attrs":2128},{"color":1443},{"type":56,"attrs":2130,"content":2131},{"level":87},[2132],{"text":2133,"type":45,"marks":2134},"6. Save for future goals",[2135],{"type":52,"attrs":2136},{"color":1443},{"type":41,"content":2138},[2139],{"text":2140,"type":45,"marks":2141},"If you decide to use your tax refund to save for future goals, make sure to differentiate between short-term and long-term objectives. Categorizing financial goals by time horizon allows for a tailored savings strategy. ",[2142],{"type":52,"attrs":2143},{"color":1443},{"type":41,"content":2145},[2146],{"text":2147,"type":45,"marks":2148},"Short-term goals, like a vacation or home renovation, may require liquid savings, while long-term goals, such as retirement or a home purchase, may involve strategic investments for growth. This strategic approach fosters discipline, motivation, and long-term financial security, facilitating the alignment of your financial resources with your unique aspirations. ",[2149],{"type":52,"attrs":2150},{"color":1443},{"type":56,"attrs":2152,"content":2153},{"level":87},[2154],{"text":2155,"type":45,"marks":2156},"7. Contribute to a college fund",[2157],{"type":52,"attrs":2158},{"color":1443},{"type":41,"content":2160},[2161,2166,2175],{"text":2162,"type":45,"marks":2163},"Putting your tax refund into a college savings fund for your children is a wise step toward early savings. Consistent contributions can accumulate into a substantial fund, offering financial support for their higher education and potentially reducing their reliance on student loans. College funds, specifically ",[2164],{"type":52,"attrs":2165},{"color":1443},{"text":2167,"type":45,"marks":2168},"529 plans",[2169,2172,2174],{"type":125,"attrs":2170},{"href":2171,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan",{"type":52,"attrs":2173},{"color":1474},{"type":134},{"text":2176,"type":45,"marks":2177},", provide flexibility in covering various eligible expenses, including tuition, books, room and board. The specific advantages of a 529 plan include:",[2178],{"type":52,"attrs":2179},{"color":1443},{"type":102,"content":2181},[2182],{"type":105,"content":2183},[2184],{"type":41,"content":2185},[2186,2192],{"text":2187,"type":45,"marks":2188},"Tax-free growth: ",[2189,2190],{"type":113},{"type":52,"attrs":2191},{"color":1443},{"text":2193,"type":45,"marks":2194},"Gains within the account grow tax free, offering a powerful financial benefit over time. ",[2195],{"type":52,"attrs":2196},{"color":1443},{"type":102,"content":2198},[2199],{"type":105,"content":2200},[2201],{"type":41,"content":2202},[2203,2209],{"text":2204,"type":45,"marks":2205},"Tax deductions for contributions: ",[2206,2207],{"type":113},{"type":52,"attrs":2208},{"color":1443},{"text":2210,"type":45,"marks":2211},"While federal deductions are not applicable, some states provide tax deductions or credits for contributions to in-state 529 plans.",[2212],{"type":52,"attrs":2213},{"color":1443},{"type":102,"content":2215},[2216],{"type":105,"content":2217},[2218],{"type":41,"content":2219},[2220,2226],{"text":2221,"type":45,"marks":2222},"High contribution limits: ",[2223,2224],{"type":113},{"type":52,"attrs":2225},{"color":1443},{"text":2227,"type":45,"marks":2228},"529 plans allow substantial contributions, making them advantageous for families aiming to fully fund their children’s education. ",[2229],{"type":52,"attrs":2230},{"color":1443},{"type":102,"content":2232},[2233],{"type":105,"content":2234},[2235],{"type":41,"content":2236},[2237,2243],{"text":2238,"type":45,"marks":2239},"Flexibility in beneficiary designation: ",[2240,2241],{"type":113},{"type":52,"attrs":2242},{"color":1443},{"text":2244,"type":45,"marks":2245},"If educational plans change, you can switch the beneficiary to another family member without penalties. ",[2246],{"type":52,"attrs":2247},{"color":1443},{"type":102,"content":2249},[2250],{"type":105,"content":2251},[2252],{"type":41,"content":2253},[2254,2260],{"text":2255,"type":45,"marks":2256},"No income restrictions: ",[2257,2258],{"type":113},{"type":52,"attrs":2259},{"color":1443},{"text":2261,"type":45,"marks":2262},"Accessible to families across various taxable income levels, as there are no income restrictions. ",[2263],{"type":52,"attrs":2264},{"color":1443},{"type":102,"content":2266},[2267],{"type":105,"content":2268},[2269],{"type":41,"content":2270},[2271,2277],{"text":2272,"type":45,"marks":2273},"Ease of management: ",[2274,2275],{"type":113},{"type":52,"attrs":2276},{"color":1443},{"text":2278,"type":45,"marks":2279},"529 plans are relatively straightforward to manage, with professional fund managers handling investment decisions. ",[2280],{"type":52,"attrs":2281},{"color":1443},{"type":56,"attrs":2283,"content":2284},{"level":87},[2285],{"text":2286,"type":45,"marks":2287},"8. Donate to charitable causes",[2288],{"type":52,"attrs":2289},{"color":1443},{"type":41,"content":2291},[2292],{"text":2293,"type":45,"marks":2294},"Donating a part of your tax refund to charity is a meaningful way to use your financial resources positively. Identify causes aligned with your value – whether in education, healthcare, or environmental conservation –  and ensure they are legitimate nonprofits with tax-exempt status. ",[2295],{"type":52,"attrs":2296},{"color":1443},{"type":41,"content":2298},[2299],{"text":2300,"type":45,"marks":2301},"Next, strategically approach giving by allocating a portion of your tax refund for one-time donations, exploring monthly giving programs, checking for employer matching gift programs, or contributing to a donor-advised fund for flexibility. ",[2302],{"type":52,"attrs":2303},{"color":1443},{"type":41,"content":2305},[2306],{"text":2307,"type":45,"marks":2308},"The IRS states that charitable donations can lead to federal tax deductions for American taxpayers if you follow specific guidelines. Deductions are generally based on the fair market value of the donation, subject to adjusted gross income limits. Non-cash items and some volunteer expenses may also qualify. For high-value items, a qualified appraisal may be necessary. ",[2309],{"type":52,"attrs":2310},{"color":1443},{"type":56,"attrs":2312,"content":2313},{"level":87},[2314],{"text":2315,"type":45,"marks":2316},"9. Treat yourself, but mindfully",[2317],{"type":52,"attrs":2318},{"color":1443},{"type":41,"content":2320},[2321],{"text":2322,"type":45,"marks":2323},"Finally, celebrate your hard work by setting aside a small portion of your tax refund for personal enjoyment. Choose a reward that aligns with your interests or passions. Keep it in check, though, with clear spending limits, ensuring you prioritize essential expenses and savings. By avoiding impulse buys and investing in experiences that contribute to personal growth, you create a harmonious balance between responsible financial choices and self care. ",[2324],{"type":52,"attrs":2325},{"color":1443},{"type":56,"attrs":2327,"content":2328},{"level":87},[2329],{"text":2330,"type":45,"marks":2331},"Get financial products customized to your needs ",[2332],{"type":52,"attrs":2333},{"color":1443},{"type":41,"content":2335},[2336],{"text":2337,"type":45,"marks":2338},"Using your tax refund wisely is crucial for optimizing your financial well-being, as strategic allocation towards debt reduction, savings, investments, and essential expenditures contributes to long-term financial stability and personal fulfillment.",[2339],{"type":52,"attrs":2340},{"color":1443},{"type":41,"content":2342},[2343,2348,2354,2362],{"text":2344,"type":45,"marks":2345},"If you’re looking to refinance your debt or pay it off faster, Navient lets you compare lenders for free all in one place. Just enter a few details about yourself and",[2346],{"type":52,"attrs":2347},{"color":1443},{"text":223,"type":45,"marks":2349},[2350,2352],{"type":125,"attrs":2351},{"href":1336,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":2353},{"color":1443},{"text":2355,"type":45,"marks":2356},"get personalized results within seconds",[2357,2359,2361],{"type":125,"attrs":2358},{"href":1336,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":2360},{"color":1474},{"type":134},{"text":1348,"type":45,"marks":2363},[2364],{"type":52,"attrs":2365},{"color":1443},{"type":41,"content":2367},[2368],{"text":1355,"type":45,"marks":2369},[2370,2372],{"type":48,"attrs":2371},{"class":50},{"type":52,"attrs":2373},{"color":2374},"rgb(68, 68, 68)",{"type":41,"content":2376},[2377],{"text":2378,"type":45,"marks":2379},"1 Navient customers are invited to consider savings offers through our partner MoneyLion. Navient has not shared your information with MoneyLion.  Savings offers are made by participants in MoneyLion’s savings platform, powered by Even Financial.  Even Financial, Inc. is the technology platform powering financial services online.",[2380,2382],{"type":48,"attrs":2381},{"class":50},{"type":52,"attrs":2383},{"color":2374},{"type":41,"content":2385},[2386],{"text":2387,"type":45,"marks":2388},"2 Navient customers are invited to consider personal loan offers through our partner MoneyLion. Navient has not shared your information with MoneyLion and is not involved in the personal loan application process in any manner.  All information is submitted directly to MoneyLion and any personal loan offers are made directly by participants in MoneyLion’s lending platform.  Engine by MoneyLion is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE:ML). Checking your rate will not affect your credit score. Eligibility is not guaranteed and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions.",[2389,2391],{"type":48,"attrs":2390},{"class":50},{"type":52,"attrs":2392},{"color":2374},{"type":41,"content":2394},[2395],{"text":1379,"type":45,"marks":2396},[2397,2399],{"type":48,"attrs":2398},{"class":50},{"type":52,"attrs":2400},{"color":2374},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"67b1c1a7-fbb7-4c3c-a267-87dc959687fb\", \"id\": \"651798142\"}-->","https://www.marketplace.navient.com/blog/best-way-to-use-tax-refund/","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"39f3568e-f888-4c3e-816f-3647f7efec59\", \"id\": \"651798142\"}-->","best-way-to-use-tax-refund","navient_marketplace/blog/best-way-to-use-tax-refund",[],"cfa5efbb-7fbe-4e8d-986e-71f0cfb3013b","2024-03-08T08:57:00.000Z",[],{"name":2411,"created_at":2412,"published_at":2413,"updated_at":2414,"id":2415,"uuid":2416,"content":2417,"slug":4066,"full_slug":4067,"sort_by_date":128,"position":4068,"tag_list":4069,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":4070,"first_published_at":4071,"release_id":128,"lang":1412,"path":128,"alternates":4072,"default_full_slug":128,"translated_slugs":128},"Secured vs. Unsecured Loans: Key Differences, Pros & Cons","2025-04-07T18:30:42.060Z","2026-04-01T17:00:16.055Z","2026-04-01T17:00:16.100Z",651798172,"c7d83bf4-ecf7-425f-9b98-8a58d7b734bd",{"seo":2418,"_uid":2421,"body":2422,"author":30,"category":31,"featured":28,"component":4063,"canonicalTag":4064,"_editable":4065},{"_uid":2419,"title":2411,"plugin":17,"og_image":18,"og_title":18,"description":2420,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"867aef9d-7485-4668-b506-32f93a18c1bd","The main difference is whether you need to put up collateral. They also have different interest rates and terms. Read more to make an informed decision.","e545f5fe-7635-4a75-bdb6-02c861160023",[2423,2449,4038],{"id":2424,"_uid":2425,"image":2426,"intro":2420,"author":2427,"classes":2428,"category":18,"featured":28,"blogTitle":2411,"component":2445,"imageLink":2446,"blendImage":28,"authorRoute":30,"publishedDate":2447,"backgroundColor":29,"_editable":2448},"blog-hero","be8a2b18-d2c6-4505-973b-7f17cf437ed1","//a.storyblok.com/f/110029/624x468/86305d2e4f/tou_house_with_keys.png","Natasha Khullar Relph",[2429],{"_uid":2430,"component":2431,"titleColor":2432,"dateClasses":2433,"titleClasses":2434,"authorClasses":2435,"subtitleColor":2436,"titleMaxWidth":2437,"subtitleClasses":2438,"dateMobileClasses":2439,"titleMobileClasses":2440,"authorMobileClasses":2441,"featuredMobileClasses":2442,"subtitleMobileClasses":2443,"_editable":2444},"159ea1ac-2f78-4612-9d77-9d9a8c054ca3","BlogHeroStyle","#470A68","text-subtitle-2 mt-7 accent--text text--darken-2","text-h4 mt-6 font-weight-bold blog-info-section","text-size-sub-1 mt-7 accent--text text--darken-4","#75478E","600","text-h6 mt-n6 blog-post-subtitle","text-size-caption mt-4 accent--text text--darken-2","text-size-button-3 font-weight-bold","text-size-sub-1 mt-4 accent--text text--darken-4","text-size-sub-1 accent--text","text-size-sub-1 mt-n9 pt-5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"159ea1ac-2f78-4612-9d77-9d9a8c054ca3\", \"id\": \"651798172\"}-->","BlogHero","/images/tou_house_with_keys.png","Updated: July 17, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"be8a2b18-d2c6-4505-973b-7f17cf437ed1\", \"id\": \"651798172\"}-->",{"_uid":2450,"bloks":2451,"classes":4034,"component":4035,"mobileClasses":18,"containerContent":4036,"_editable":4037},"ecffcfae-58da-439e-8d30-febcc7c50469",[2452],{"_uid":2453,"bloks":2454,"classes":18,"justify":3980,"component":4032,"mobileClasses":18,"_editable":4033},"c88d88d3-69eb-4468-81cc-60b6c55bb2b2",[2455,3983],{"lg":2456,"md":2456,"sm":2457,"_uid":2458,"cols":2457,"bloks":2459,"alignSelf":3980,"component":3981,"_editable":3982},"7","12","972e983d-23ec-4a8e-8c70-fae61f37f6e6",[2460],{"_uid":2461,"color":36,"classes":2462,"content":18,"richText":2463,"component":3973,"mobileClasses":3974,"enableRichText":3975,"richTextMobile":3976,"_editable":3979},"c401c60c-4fe6-4ba5-8767-f0f0fd9cea3f","blog-post-text blog-post-headers",{"type":38,"content":2464},[2465,2471,2518,2534,2545,2580,2627,2634,2675,2686,2701,2893,2902,2912,2922,3036,3045,3114,3122,3194,3203,3220,3374,3382,3392,3401,3479,3488,3603,3619,3629,3639,3706,3715,3764,3774,3784,3904,3909,3948,3956,3965],{"type":41,"content":2466},[2467],{"text":44,"type":45,"marks":2468},[2469],{"type":52,"attrs":2470},{"color":18},{"type":41,"content":2472},[2473,2475,2481,2483,2488,2490,2495,2497,2502,2504,2509,2511,2516],{"text":2474,"type":45},"There are two main ",{"text":2476,"type":45,"marks":2477},"types of loans",[2478],{"type":52,"attrs":2479},{"color":2480},"black",{"text":2482,"type":45},": ",{"text":2484,"type":45,"marks":2485},"secured loans",[2486],{"type":52,"attrs":2487},{"color":2480},{"text":2489,"type":45}," and ",{"text":2491,"type":45,"marks":2492},"unsecured loans",[2493],{"type":52,"attrs":2494},{"color":2480},{"text":2496,"type":45},". The key difference is whether or not you’re required to put up collateral. Each ",{"text":2498,"type":45,"marks":2499},"type of loan",[2500],{"type":52,"attrs":2501},{"color":2480},{"text":2503,"type":45}," also comes with different interest rates and terms, which means an ",{"text":2505,"type":45,"marks":2506},"unsecured loan",[2507],{"type":52,"attrs":2508},{"color":2480},{"text":2510,"type":45}," will be a better fit for some borrowers, while a ",{"text":2512,"type":45,"marks":2513},"secured loan",[2514],{"type":52,"attrs":2515},{"color":2480},{"text":2517,"type":45}," might better serve others.",{"type":41,"content":2519},[2520,2522,2526,2528,2533],{"text":2521,"type":45},"So how can you decide whether you’re better off with a secured vs. ",{"text":2505,"type":45,"marks":2523},[2524],{"type":52,"attrs":2525},{"color":2480},{"text":2527,"type":45},"? We put together this guide to help you make an informed ",{"text":2529,"type":45,"marks":2530},"financial decision",[2531],{"type":52,"attrs":2532},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":2535,"content":2536},{"level":87},[2537,2539,2543],{"text":2538,"type":45},"What’s the difference between secured and ",{"text":2491,"type":45,"marks":2540},[2541],{"type":52,"attrs":2542},{"color":2480},{"text":2544,"type":45},"?",{"type":41,"content":2546},[2547,2552,2554,2559,2561,2565,2567,2571,2573,2578],{"text":2548,"type":45,"marks":2549},"Secured loans",[2550],{"type":52,"attrs":2551},{"color":2480},{"text":2553,"type":45}," require a borrower to provide collateral, such as a house or car, which the ",{"text":2555,"type":45,"marks":2556},"lender",[2557],{"type":52,"attrs":2558},{"color":2480},{"text":2560,"type":45}," can claim if the borrower defaults on the loan. With an ",{"text":2505,"type":45,"marks":2562},[2563],{"type":52,"attrs":2564},{"color":2480},{"text":2566,"type":45},", however, you won’t have to put up an asset as collateral. Instead, the ",{"text":2555,"type":45,"marks":2568},[2569],{"type":52,"attrs":2570},{"color":2480},{"text":2572,"type":45}," looks at your ",{"text":2574,"type":45,"marks":2575},"credit history",[2576],{"type":52,"attrs":2577},{"color":2480},{"text":2579,"type":45}," to determine whether or not you’re good for your debt.",{"type":41,"content":2581},[2582,2584,2588,2590,2594,2596,2601,2602,2607,2609,2613,2615,2619,2621,2625],{"text":2583,"type":45},"Collateral provides the ",{"text":2555,"type":45,"marks":2585},[2586],{"type":52,"attrs":2587},{"color":2480},{"text":2589,"type":45}," a guarantee that they’ll get at least some of their money back if the borrower fails to repay the loan. For that reason, ",{"text":2484,"type":45,"marks":2591},[2592],{"type":52,"attrs":2593},{"color":2480},{"text":2595,"type":45}," typically come with ",{"text":2597,"type":45,"marks":2598},"lower interest rates",[2599],{"type":52,"attrs":2600},{"color":2480},{"text":2489,"type":45},{"text":2603,"type":45,"marks":2604},"higher borrowing limits",[2605],{"type":52,"attrs":2606},{"color":2480},{"text":2608,"type":45}," than ",{"text":2491,"type":45,"marks":2610},[2611],{"type":52,"attrs":2612},{"color":2480},{"text":2614,"type":45},". They may also be easier to obtain. However, ",{"text":2484,"type":45,"marks":2616},[2617],{"type":52,"attrs":2618},{"color":2480},{"text":2620,"type":45}," often have more usage restrictions than ",{"text":2491,"type":45,"marks":2622},[2623],{"type":52,"attrs":2624},{"color":2480},{"text":2626,"type":45}," as well.",{"type":56,"attrs":2628,"content":2629},{"level":87},[2630],{"text":2548,"type":45,"marks":2631},[2632],{"type":52,"attrs":2633},{"color":2480},{"type":41,"content":2635},[2636,2640,2642,2646,2648,2652,2653,2657,2659,2663,2665,2673],{"text":2548,"type":45,"marks":2637},[2638],{"type":52,"attrs":2639},{"color":2480},{"text":2641,"type":45}," are loans that require collateral. Usually, the ",{"text":2555,"type":45,"marks":2643},[2644],{"type":52,"attrs":2645},{"color":2480},{"text":2647,"type":45}," will let you borrow up to the value of the collateral, which means secured loans often offer ",{"text":2603,"type":45,"marks":2649},[2650],{"type":52,"attrs":2651},{"color":2480},{"text":2608,"type":45},{"text":2491,"type":45,"marks":2654},[2655],{"type":52,"attrs":2656},{"color":2480},{"text":2658,"type":45},". For that reason, ",{"text":2484,"type":45,"marks":2660},[2661],{"type":52,"attrs":2662},{"color":2480},{"text":2664,"type":45}," are popular for making larger purchases, such as buying a home or a vehicle. In these cases, the purchased home or vehicle usually becomes the collateral. However, borrowers can also offer up other assets, such as a business or a ",{"text":2666,"type":45,"marks":2667},"savings bank account",[2668,2671],{"type":125,"attrs":2669},{"href":2670,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://marketplace.navient.com/blog/best-high-yield-savings-account/",{"type":52,"attrs":2672},{"color":1474},{"text":2674,"type":45},", to secure some types of loans.",{"type":56,"attrs":2676,"content":2678},{"level":2677},3,[2679,2684],{"text":2680,"type":45,"marks":2681},"Secured loan",[2682],{"type":52,"attrs":2683},{"color":18},{"text":2685,"type":45}," examples",{"type":41,"content":2687},[2688,2690,2695,2696],{"text":2689,"type":45},"Secured loans are everywhere. Here are a few of the most ",{"text":2691,"type":45,"marks":2692},"common types",[2693],{"type":52,"attrs":2694},{"color":2480},{"text":1348,"type":45},{"text":2697,"type":45,"marks":2698}," ",[2699],{"type":52,"attrs":2700},{"color":18},{"type":102,"content":2702},[2703,2720,2748,2780,2828,2852,2862],{"type":105,"content":2704},[2705],{"type":41,"content":2706},[2707,2711,2713,2718],{"text":2708,"type":45,"marks":2709},"Mortgage loans: ",[2710],{"type":113},{"text":2712,"type":45},"These are loans used to finance the purchase of a property. The property serves as collateral until all the ",{"text":2714,"type":45,"marks":2715},"mortgage payments",[2716],{"type":52,"attrs":2717},{"color":2480},{"text":2719,"type":45}," have been made.",{"type":105,"content":2721},[2722],{"type":41,"content":2723},[2724,2730,2733,2735,2740,2742,2746],{"text":2725,"type":45,"marks":2726},"Auto loans",[2727,2728],{"type":113},{"type":52,"attrs":2729},{"color":2480},{"text":2482,"type":45,"marks":2731},[2732],{"type":113},{"text":2734,"type":45},"Secured ",{"text":2736,"type":45,"marks":2737},"car loans",[2738],{"type":52,"attrs":2739},{"color":2480},{"text":2741,"type":45}," are used to finance the purchase of a vehicle. If the borrower defaults, the ",{"text":2555,"type":45,"marks":2743},[2744],{"type":52,"attrs":2745},{"color":2480},{"text":2747,"type":45}," has the right to claim the vehicle.",{"type":105,"content":2749},[2750],{"type":41,"content":2751},[2752,2758,2761,2763,2768,2770,2778],{"text":2753,"type":45,"marks":2754},"Secured personal loans",[2755,2756],{"type":113},{"type":52,"attrs":2757},{"color":2480},{"text":2482,"type":45,"marks":2759},[2760],{"type":113},{"text":2762,"type":45},"These loans can be used for almost any purpose. Collateral could be a personal ",{"text":2764,"type":45,"marks":2765},"savings account",[2766],{"type":52,"attrs":2767},{"color":2480},{"text":2769,"type":45},", a ",{"text":2771,"type":45,"marks":2772},"certificate of deposit (CD)",[2773,2776],{"type":125,"attrs":2774},{"href":2775,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-certificate-of-deposit-cd-en-917/",{"type":52,"attrs":2777},{"color":1474},{"text":2779,"type":45},", or any other valuable asset.",{"type":105,"content":2781},[2782],{"type":41,"content":2783},[2784,2790,2794,2799,2801,2806,2808,2813,2815,2819,2821,2826],{"text":2785,"type":45,"marks":2786},"Home equity loans",[2787,2788],{"type":113},{"type":52,"attrs":2789},{"color":2480},{"text":2791,"type":45,"marks":2792},":",[2793],{"type":113},{"text":2795,"type":45,"marks":2796},"  ",[2797],{"type":52,"attrs":2798},{"color":18},{"text":2800,"type":45},"These loans allow homeowners to borrow against the equity they have built in a residential property, using the property as collateral. A ",{"text":2802,"type":45,"marks":2803},"Home Equity Line of Credit",[2804],{"type":52,"attrs":2805},{"color":2480},{"text":2807,"type":45}," (",{"text":2809,"type":45,"marks":2810},"HELOC",[2811],{"type":52,"attrs":2812},{"color":2480},{"text":2814,"type":45},") works similarly, though a ",{"text":2809,"type":45,"marks":2816},[2817],{"type":52,"attrs":2818},{"color":2480},{"text":2820,"type":45}," is a revolving ",{"text":2822,"type":45,"marks":2823},"line of credit",[2824],{"type":52,"attrs":2825},{"color":2480},{"text":2827,"type":45}," rather than a single lump sum loan.",{"type":105,"content":2829},[2830],{"type":41,"content":2831},[2832,2835,2841,2844,2846,2851],{"text":2734,"type":45,"marks":2833},[2834],{"type":113},{"text":2836,"type":45,"marks":2837},"business loans",[2838,2839],{"type":113},{"type":52,"attrs":2840},{"color":2480},{"text":2482,"type":45,"marks":2842},[2843],{"type":113},{"text":2845,"type":45},"Collateral such as commercial real estate, equipment, or inventory can be used to secure a ",{"text":2847,"type":45,"marks":2848},"business loan",[2849],{"type":52,"attrs":2850},{"color":2480},{"text":1348,"type":45},{"type":105,"content":2853},[2854],{"type":41,"content":2855},[2856,2860],{"text":2857,"type":45,"marks":2858},"Pawn shop loans: ",[2859],{"type":113},{"text":2861,"type":45},"Valuable items such as jewelry, antiques, or electronic items can be brought to a pawn shop in exchange for cash. If the loan is not repaid, the pawn shop keeps the item.",{"type":105,"content":2863},[2864],{"type":41,"content":2865},[2866,2872,2875,2880,2882,2886,2888,2892],{"text":2867,"type":45,"marks":2868},"Secured credit cards",[2869,2870],{"type":113},{"type":52,"attrs":2871},{"color":2480},{"text":2482,"type":45,"marks":2873},[2874],{"type":113},{"text":2876,"type":45,"marks":2877},"Though not loans, credit cards",[2878],{"type":52,"attrs":2879},{"color":2480},{"text":2881,"type":45}," can also be a source of secured debt. ",{"text":2867,"type":45,"marks":2883},[2884],{"type":52,"attrs":2885},{"color":2480},{"text":2887,"type":45}," require a security deposit and are a popular way for borrowers to build up their ",{"text":2574,"type":45,"marks":2889},[2890],{"type":52,"attrs":2891},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":2894,"content":2895},{"level":2677},[2896,2898],{"text":2897,"type":45},"Pros and cons of ",{"text":2484,"type":45,"marks":2899},[2900],{"type":52,"attrs":2901},{"color":18},{"type":41,"content":2903},[2904,2906,2910],{"text":2905,"type":45},"Before you take out a ",{"text":2512,"type":45,"marks":2907},[2908],{"type":52,"attrs":2909},{"color":2480},{"text":2911,"type":45},", you’ll want to consider the advantages and disadvantages.",{"type":56,"attrs":2913,"content":2915},{"level":2914},4,[2916,2918],{"text":2917,"type":45},"Pros of ",{"text":2484,"type":45,"marks":2919},[2920],{"type":52,"attrs":2921},{"color":18},{"type":102,"content":2923},[2924,2958,2984,3005],{"type":105,"content":2925},[2926],{"type":41,"content":2927},[2928,2932,2934,2939,2941,2945,2947,2951,2953,2957],{"text":2929,"type":45,"marks":2930},"Low interest rates:",[2931],{"type":113},{"text":2933,"type":45}," Because collateral provides a level of reassurance, ",{"text":2935,"type":45,"marks":2936},"lenders",[2937],{"type":52,"attrs":2938},{"color":2480},{"text":2940,"type":45}," are often able to offer ",{"text":2597,"type":45,"marks":2942},[2943],{"type":52,"attrs":2944},{"color":2480},{"text":2946,"type":45}," on ",{"text":2484,"type":45,"marks":2948},[2949],{"type":52,"attrs":2950},{"color":2480},{"text":2952,"type":45}," than they would with ",{"text":2491,"type":45,"marks":2954},[2955],{"type":52,"attrs":2956},{"color":2480},{"text":1348,"type":45},{"type":105,"content":2959},[2960],{"type":41,"content":2961},[2962,2968,2971,2973,2978,2980],{"text":2963,"type":45,"marks":2964},"Higher borrowing limits",[2965,2966],{"type":113},{"type":52,"attrs":2967},{"color":2480},{"text":2791,"type":45,"marks":2969},[2970],{"type":113},{"text":2972,"type":45}," Often, the maximum ",{"text":2974,"type":45,"marks":2975},"loan amount",[2976],{"type":52,"attrs":2977},{"color":2480},{"text":2979,"type":45}," on a secured loan is equal to the value of the collateral. If that’s a house or car, the limit will be quite high.",{"text":2697,"type":45,"marks":2981},[2982],{"type":52,"attrs":2983},{"color":18},{"type":105,"content":2985},[2986],{"type":41,"content":2987},[2988,2992,2993,2997,2999,3004],{"text":2989,"type":45,"marks":2990},"Easier approval:",[2991],{"type":113},{"text":223,"type":45},{"text":2548,"type":45,"marks":2994},[2995],{"type":52,"attrs":2996},{"color":2480},{"text":2998,"type":45}," often have more lenient eligibility requirements, making them more attainable for borrowers with low ",{"text":3000,"type":45,"marks":3001},"credit scores",[3002],{"type":52,"attrs":3003},{"color":2480},{"text":1348,"type":45},{"type":105,"content":3006},[3007],{"type":41,"content":3008},[3009,3013,3019,3022,3023,3027,3029,3034],{"text":3010,"type":45,"marks":3011},"Longer ",[3012],{"type":113},{"text":3014,"type":45,"marks":3015},"repayment terms",[3016,3017],{"type":113},{"type":52,"attrs":3018},{"color":2480},{"text":2791,"type":45,"marks":3020},[3021],{"type":113},{"text":223,"type":45},{"text":2548,"type":45,"marks":3024},[3025],{"type":52,"attrs":3026},{"color":2480},{"text":3028,"type":45}," may come with longer ",{"text":3030,"type":45,"marks":3031},"repayment",[3032],{"type":52,"attrs":3033},{"color":2480},{"text":3035,"type":45}," periods. That lets borrowers spread out their payments over a longer period of time.",{"type":56,"attrs":3037,"content":3038},{"level":2914},[3039,3041],{"text":3040,"type":45},"Cons of ",{"text":2484,"type":45,"marks":3042},[3043],{"type":52,"attrs":3044},{"color":18},{"type":102,"content":3046},[3047,3063,3092],{"type":105,"content":3048},[3049],{"type":41,"content":3050},[3051,3055,3057,3061],{"text":3052,"type":45,"marks":3053},"Risk of collateral loss:",[3054],{"type":113},{"text":3056,"type":45}," If you default on your loan, the ",{"text":2555,"type":45,"marks":3058},[3059],{"type":52,"attrs":3060},{"color":2480},{"text":3062,"type":45}," could seize your asset, leaving you without a house, car, or other essential item.",{"type":105,"content":3064},[3065],{"type":41,"content":3066},[3067,3071,3077,3080,3084,3086,3090],{"text":3068,"type":45,"marks":3069},"Lengthy ",[3070],{"type":113},{"text":3072,"type":45,"marks":3073},"application process",[3074,3075],{"type":113},{"type":52,"attrs":3076},{"color":2480},{"text":2482,"type":45,"marks":3078},[3079],{"type":113},{"text":2548,"type":45,"marks":3081},[3082],{"type":52,"attrs":3083},{"color":2480},{"text":3085,"type":45}," may take longer to receive since the ",{"text":2555,"type":45,"marks":3087},[3088],{"type":52,"attrs":3089},{"color":2480},{"text":3091,"type":45}," will need time to assess the value of the collateral before issuing the loan.",{"type":105,"content":3093},[3094],{"type":41,"content":3095},[3096,3100,3101,3105,3107,3112],{"text":3097,"type":45,"marks":3098},"Limited use:",[3099],{"type":113},{"text":223,"type":45},{"text":2548,"type":45,"marks":3102},[3103],{"type":52,"attrs":3104},{"color":2480},{"text":3106,"type":45}," may come with usage restrictions. Mortgage loans can only be used to purchase residential property, for example, and ",{"text":3108,"type":45,"marks":3109},"auto loans",[3110],{"type":52,"attrs":3111},{"color":2480},{"text":3113,"type":45}," can only be used to buy cars.",{"type":56,"attrs":3115,"content":3116},{"level":87},[3117],{"text":3118,"type":45,"marks":3119},"Unsecured loans",[3120],{"type":52,"attrs":3121},{"color":2480},{"type":41,"content":3123},[3124,3126,3130,3132,3136,3138,3142,3144,3148,3150,3155,3157,3161,3163,3168,3170,3175,3177,3181,3183,3188,3189,3193],{"text":3125,"type":45},"An ",{"text":2505,"type":45,"marks":3127},[3128],{"type":52,"attrs":3129},{"color":2480},{"text":3131,"type":45}," is a ",{"text":2498,"type":45,"marks":3133},[3134],{"type":52,"attrs":3135},{"color":2480},{"text":3137,"type":45}," that does not require any collateral. With an ",{"text":2505,"type":45,"marks":3139},[3140],{"type":52,"attrs":3141},{"color":2480},{"text":3143,"type":45},", the ",{"text":2555,"type":45,"marks":3145},[3146],{"type":52,"attrs":3147},{"color":2480},{"text":3149,"type":45}," relies solely on the borrower’s ",{"text":3151,"type":45,"marks":3152},"credit report",[3153],{"type":52,"attrs":3154},{"color":2480},{"text":3156,"type":45},", current income, and other financial markers to determine whether or not to approve the loan. Since there is no collateral involved, the ",{"text":2555,"type":45,"marks":3158},[3159],{"type":52,"attrs":3160},{"color":2480},{"text":3162,"type":45}," has no specific asset to claim in case of default. For that reason, the borrower may need a relatively high ",{"text":3164,"type":45,"marks":3165},"credit score",[3166],{"type":52,"attrs":3167},{"color":2480},{"text":3169,"type":45}," to prove their ",{"text":3171,"type":45,"marks":3172},"creditworthiness",[3173],{"type":52,"attrs":3174},{"color":2480},{"text":3176,"type":45},". ",{"text":3118,"type":45,"marks":3178},[3179],{"type":52,"attrs":3180},{"color":2480},{"text":3182,"type":45}," also tend to have ",{"text":3184,"type":45,"marks":3185},"higher interest rates",[3186],{"type":52,"attrs":3187},{"color":2480},{"text":2608,"type":45},{"text":2484,"type":45,"marks":3190},[3191],{"type":52,"attrs":3192},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":3195,"content":3196},{"level":2677},[3197,3202],{"text":3198,"type":45,"marks":3199},"Unsecured loan",[3200],{"type":52,"attrs":3201},{"color":18},{"text":2685,"type":45},{"type":41,"content":3204},[3205,3207,3212,3214,3219],{"text":3206,"type":45},"Many smaller loans are ",{"text":3208,"type":45,"marks":3209},"unsecured",[3210],{"type":52,"attrs":3211},{"color":2480},{"text":3213,"type":45},". 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\"651798172\"}-->","secured-vs-unsecured-loans","navient_marketplace/blog/secured-vs-unsecured-loans",-240,[],"0a8317ae-c1e1-406e-860b-96e4a6afc205","2023-08-03T13:47:43.238Z",[],{"name":4074,"created_at":4075,"published_at":4076,"updated_at":4077,"id":4078,"uuid":4079,"content":4080,"slug":5717,"full_slug":5718,"sort_by_date":128,"position":5719,"tag_list":5720,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":5721,"first_published_at":5722,"release_id":128,"lang":1412,"path":128,"alternates":5723,"default_full_slug":128,"translated_slugs":128},"Is it better to get a loan through your bank or a private lender? ","2025-04-07T18:30:44.392Z","2026-04-01T17:00:51.758Z","2026-04-01T17:00:51.792Z",651798174,"4d10e474-8337-46c0-99dd-24cd985a923d",{"seo":4081,"_uid":4085,"body":4086,"author":30,"category":31,"featured":28,"component":4063,"canonicalTag":5715,"_editable":5716},{"_uid":4082,"title":4083,"plugin":17,"og_image":18,"og_title":18,"description":4084,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"4b4c02b6-74d1-4881-a9f0-d7b66a7d218f","Is It Better To Get a Loan Through Your Bank or a Private Lender?","Each type has its own pros and cons. Here’s how to decide whether it’s better to get a loan through your bank or through a private lender. 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While there are a number of different types of ",{"text":2935,"type":45,"marks":4132},[4133],{"type":52,"attrs":4134},{"color":2480},{"text":4136,"type":45}," on the market, two emerge as the most popular by far: banks and private ",{"text":2935,"type":45,"marks":4138},[4139],{"type":52,"attrs":4140},{"color":2480},{"text":4142,"type":45},". Each type has its own pros and cons, and understanding the differences can help you make an informed choice. Here’s how to decide whether it’s better to get a loan through your bank or through a private ",{"text":2555,"type":45,"marks":4144},[4145],{"type":52,"attrs":4146},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":4149,"content":4150},{"level":87},[4151],{"text":4152,"type":45},"Key takeaways",{"type":102,"content":4154},[4155,4187,4208,4233],{"type":105,"content":4156},[4157],{"type":41,"content":4158},[4159,4163,4164,4168,4170,4174,4175,4179,4181,4186],{"text":223,"type":45,"marks":4160},[4161],{"type":52,"attrs":4162},{"color":18},{"text":3237,"type":45},{"text":3242,"type":45,"marks":4165},[4166],{"type":52,"attrs":4167},{"color":2480},{"text":4169,"type":45}," is a versatile source of funding that generally has ",{"text":2597,"type":45,"marks":4171},[4172],{"type":52,"attrs":4173},{"color":2480},{"text":2608,"type":45},{"text":1273,"type":45,"marks":4176},[4177],{"type":52,"attrs":4178},{"color":2480},{"text":4180,"type":45}," or open ",{"text":4182,"type":45,"marks":4183},"lines of credit",[4184],{"type":52,"attrs":4185},{"color":2480},{"text":1348,"type":45},{"type":105,"content":4188},[4189],{"type":41,"content":4190},[4191,4193,4201,4203,4207],{"text":4192,"type":45},"While banks have strict lending criteria, they ",{"text":4194,"type":45,"marks":4195},"tend to offer lower interest rates",[4196,4199],{"type":125,"attrs":4197},{"href":4198,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.fundingcircle.com/us/resources/banks-vs-online-lenders-how-to-decide-whats-best-for-your-business/",{"type":52,"attrs":4200},{"color":1474},{"text":4202,"type":45}," to people with high ",{"text":3000,"type":45,"marks":4204},[4205],{"type":52,"attrs":4206},{"color":2480},{"text":1348,"type":45},{"type":105,"content":4209},[4210],{"type":41,"content":4211},[4212,4214,4218,4220,4225,4227,4231],{"text":4213,"type":45},"Private ",{"text":2935,"type":45,"marks":4215},[4216],{"type":52,"attrs":4217},{"color":2480},{"text":4219,"type":45}," can be an excellent option for ",{"text":4221,"type":45,"marks":4222},"borrowers",[4223],{"type":52,"attrs":4224},{"color":2480},{"text":4226,"type":45}," who have low ",{"text":3000,"type":45,"marks":4228},[4229],{"type":52,"attrs":4230},{"color":2480},{"text":4232,"type":45}," or who need funds fast.",{"type":105,"content":4234},[4235],{"type":41,"content":4236},[4237,4239,4243,4245,4250,4252,4256],{"text":4238,"type":45},"When shopping for ",{"text":3810,"type":45,"marks":4240},[4241],{"type":52,"attrs":4242},{"color":2480},{"text":4244,"type":45},", make sure to compare ",{"text":4246,"type":45,"marks":4247},"interest rates",[4248],{"type":52,"attrs":4249},{"color":2480},{"text":4251,"type":45},", fees, and available ",{"text":3576,"type":45,"marks":4253},[4254],{"type":52,"attrs":4255},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":4258,"content":4259},{"level":87},[4260,4262],{"text":4261,"type":45},"Differences between banks and private ",{"text":2935,"type":45,"marks":4263},[4264],{"type":52,"attrs":4265},{"color":2480},{"type":41,"content":4267},[4268,4270,4276,4278,4282,4284,4289],{"text":4269,"type":45},"When you apply for a ",{"text":3242,"type":45,"marks":4271},[4272,4274],{"type":125,"attrs":4273},{"href":3246,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4275},{"color":1474},{"text":4277,"type":45},", your choice of ",{"text":2555,"type":45,"marks":4279},[4280],{"type":52,"attrs":4281},{"color":2480},{"text":4283,"type":45}," can significantly impact your ",{"text":4285,"type":45,"marks":4286},"borrowing",[4287],{"type":52,"attrs":4288},{"color":2480},{"text":4290,"type":45}," experience. Here’s how to make a solid decision.",{"type":56,"attrs":4292,"content":4293},{"level":2677},[4294],{"text":4295,"type":45},"It may be easier to qualify through your bank",{"type":41,"content":4297},[4298,4300,4304,4306,4311,4313,4318,4320,4325,4327,4331,4333,4338,4340,4345,4347,4351],{"text":4299,"type":45},"Many banks have stricter lending criteria than private ",{"text":2935,"type":45,"marks":4301},[4302],{"type":52,"attrs":4303},{"color":2480},{"text":4305,"type":45}," do. Some also require extensive documentation during the ",{"text":4307,"type":45,"marks":4308},"loan application process",[4309],{"type":52,"attrs":4310},{"color":2480},{"text":4312,"type":45},". However, you may have some leverage if you have a longstanding relationship with your bank, since many banks prioritize their existing customers. For example, both ",{"text":4314,"type":45,"marks":4315},"Wells Fargo",[4316],{"type":52,"attrs":4317},{"color":2480},{"text":4319,"type":45}," and Citizen Bank offer a 0.25% ",{"text":4321,"type":45,"marks":4322},"interest rate",[4323],{"type":52,"attrs":4324},{"color":2480},{"text":4326,"type":45}," reduction for ",{"text":4221,"type":45,"marks":4328},[4329],{"type":52,"attrs":4330},{"color":2480},{"text":4332,"type":45}," who already have a qualifying ",{"text":4334,"type":45,"marks":4335},"bank account",[4336],{"type":52,"attrs":4337},{"color":2480},{"text":4339,"type":45}," and are enrolled in automatic payments at the time of application. This is a unique ",{"text":4341,"type":45,"marks":4342},"perk",[4343],{"type":52,"attrs":4344},{"color":2480},{"text":4346,"type":45}," that’s not available with most private ",{"text":2935,"type":45,"marks":4348},[4349],{"type":52,"attrs":4350},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":4353,"content":4354},{"level":2677},[4355,4357,4362],{"text":4356,"type":45},"You may be more likely to get a ",{"text":4358,"type":45,"marks":4359},"lower interest rate",[4360],{"type":52,"attrs":4361},{"color":18},{"text":4363,"type":45}," through a bank",{"type":41,"content":4365},[4366,4374,4376,4380,4382,4387,4389,4393,4394,4398,4400,4404,4406,4410],{"text":4367,"type":45,"marks":4368},"Banks often have an advantage",[4369,4372],{"type":125,"attrs":4370},{"href":4371,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.consumerfinance.gov/about-us/blog/fed-is-raising-interest-rates-what-does-that-mean-for-borrowers-and-savers/",{"type":52,"attrs":4373},{"color":1474},{"text":4375,"type":45}," over private ",{"text":2935,"type":45,"marks":4377},[4378],{"type":52,"attrs":4379},{"color":2480},{"text":4381,"type":45}," when it comes to ",{"text":4383,"type":45,"marks":4384},"annual percentage rates",[4385],{"type":52,"attrs":4386},{"color":2480},{"text":4388,"type":45}," (APRs). Due to their size, established reputation, and access to low-cost funding, banks are sometimes able to offer ",{"text":4221,"type":45,"marks":4390},[4391],{"type":52,"attrs":4392},{"color":2480},{"text":223,"type":45},{"text":2597,"type":45,"marks":4395},[4396],{"type":52,"attrs":4397},{"color":2480},{"text":4399,"type":45}," compared to private ",{"text":2935,"type":45,"marks":4401},[4402],{"type":52,"attrs":4403},{"color":2480},{"text":4405,"type":45},". If you can secure a ",{"text":4358,"type":45,"marks":4407},[4408],{"type":52,"attrs":4409},{"color":2480},{"text":4411,"type":45}," — even by just a point or two — that can result in significant savings over the life of your loan.",{"type":56,"attrs":4413,"content":4414},{"level":2677},[4415,4417],{"text":4416,"type":45},"You’re more likely to be approved faster with a private ",{"text":2555,"type":45,"marks":4418},[4419],{"type":52,"attrs":4420},{"color":18},{"type":41,"content":4422},[4423,4425,4429,4431,4435,4437,4442,4444,4449,4451,4456],{"text":4424,"type":45},"Today, most private ",{"text":2935,"type":45,"marks":4426},[4427],{"type":52,"attrs":4428},{"color":2480},{"text":4430,"type":45}," are online. (For that reason, we use the terms “private ",{"text":2555,"type":45,"marks":4432},[4433],{"type":52,"attrs":4434},{"color":2480},{"text":4436,"type":45},"” and “",{"text":4438,"type":45,"marks":4439},"online lender",[4440],{"type":52,"attrs":4441},{"color":2480},{"text":4443,"type":45},"” interchangeably.) Thanks to that robust digital presence, ",{"text":4445,"type":45,"marks":4446},"online lenders",[4447],{"type":52,"attrs":4448},{"color":2480},{"text":4450,"type":45}," usually issue ",{"text":4452,"type":45,"marks":4453},"loan approvals",[4454],{"type":52,"attrs":4455},{"color":2480},{"text":4457,"type":45}," much faster than banks do. A quick lending decision may be attractive if you need funds urgently or want to take advantage of a time-sensitive investment opportunity.",{"type":56,"attrs":4459,"content":4460},{"level":2677},[4461,4463,4468,4470],{"text":4462,"type":45},"You may need ",{"text":4464,"type":45,"marks":4465},"good credit",[4466],{"type":52,"attrs":4467},{"color":18},{"text":4469,"type":45}," to qualify for a ",{"text":4471,"type":45,"marks":4472},"bank loan",[4473],{"type":52,"attrs":4474},{"color":18},{"type":41,"content":4476},[4477,4479,4484,4486,4493,4495,4499,4501,4509,4511,4516,4518,4522,4524,4529],{"text":4478,"type":45},"You’ll need an ",{"text":4480,"type":45,"marks":4481},"excellent credit score",[4482],{"type":52,"attrs":4483},{"color":2480},{"text":4485,"type":45},", stable income, and a solid financial history to ",{"text":4487,"type":45,"marks":4488},"qualify for a personal loan",[4489,4491],{"type":125,"attrs":4490},{"href":1238,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4492},{"color":1474},{"text":4494,"type":45}," with most banks. Banks typically look at your ",{"text":2574,"type":45,"marks":4496},[4497],{"type":52,"attrs":4498},{"color":2480},{"text":4500,"type":45},", income stability, and ",{"text":4502,"type":45,"marks":4503},"debt-to-income ratio",[4504,4507],{"type":125,"attrs":4505},{"href":4506,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-en-1791/#:~:text=Your%20debt%2Dto%2Dincome%20ratio,money%20you%20plan%20to%20borrow.",{"type":52,"attrs":4508},{"color":1474},{"text":4510,"type":45}," to assess your ",{"text":4512,"type":45,"marks":4513},"eligibility",[4514],{"type":52,"attrs":4515},{"color":2480},{"text":4517,"type":45},". Private ",{"text":2935,"type":45,"marks":4519},[4520],{"type":52,"attrs":4521},{"color":2480},{"text":4523,"type":45},", on the other hand, are more flexible and may take collateral or consider a ",{"text":4525,"type":45,"marks":4526},"borrower",[4527],{"type":52,"attrs":4528},{"color":2480},{"text":4530,"type":45},"’s potential for future cash flow.",{"type":56,"attrs":4532,"content":4533},{"level":2677},[4534,4536],{"text":4535,"type":45},"It can be easier to compare rates among private ",{"text":2935,"type":45,"marks":4537},[4538],{"type":52,"attrs":4539},{"color":18},{"type":41,"content":4541},[4542,4544,4548,4550,4555,4557,4561,4563,4567,4569,4574,4575,4583,4585,4589,4591,4598,4600,4604,4606,4610,4612,4616],{"text":4543,"type":45},"Some banks require ",{"text":4221,"type":45,"marks":4545},[4546],{"type":52,"attrs":4547},{"color":2480},{"text":4549,"type":45}," to apply for loans ",{"text":4551,"type":45,"marks":4552},"in person",[4553],{"type":52,"attrs":4554},{"color":2480},{"text":4556,"type":45}," or via mail or email. That makes it tough to shop around efficiently. Most ",{"text":4445,"type":45,"marks":4558},[4559],{"type":52,"attrs":4560},{"color":2480},{"text":4562,"type":45},", on the other hand, let you check your ",{"text":4246,"type":45,"marks":4564},[4565],{"type":52,"attrs":4566},{"color":2480},{"text":4568,"type":45}," online through a process called ",{"text":4570,"type":45,"marks":4571},"prequalification",[4572],{"type":52,"attrs":4573},{"color":2480},{"text":3176,"type":45},{"text":4576,"type":45,"marks":4577},"Prequalification",[4578,4581],{"type":125,"attrs":4579},{"href":4580,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/how-to-prequalify-for-loan/",{"type":52,"attrs":4582},{"color":1474},{"text":4584,"type":45}," will also give you an estimate of what your monthly ",{"text":3419,"type":45,"marks":4586},[4587],{"type":52,"attrs":4588},{"color":2480},{"text":4590,"type":45}," will be. Some online platforms, including ",{"text":4592,"type":45,"marks":4593},"Navient Marketplace",[4594,4596],{"type":125,"attrs":4595},{"href":1336,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4597},{"color":1474},{"text":4599,"type":45},", even let you prequalify for multiple ",{"text":2935,"type":45,"marks":4601},[4602],{"type":52,"attrs":4603},{"color":2480},{"text":4605,"type":45}," at once. You can then compare rates and loan features side by side. Unlike filling out a formal application, ",{"text":4570,"type":45,"marks":4607},[4608],{"type":52,"attrs":4609},{"color":2480},{"text":4611,"type":45}," doesn’t require a hard credit check and therefore won’t negatively affect your ",{"text":3164,"type":45,"marks":4613},[4614],{"type":52,"attrs":4615},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":4618,"content":4619},{"level":2677},[4620,4622,4626],{"text":4621,"type":45},"You’ll be able to meet ",{"text":4551,"type":45,"marks":4623},[4624],{"type":52,"attrs":4625},{"color":18},{"text":4627,"type":45}," with someone from the bank",{"type":41,"content":4629},[4630,4632,4636,4638,4642,4644,4649,4651,4656,4658,4663,4665,4669],{"text":4631,"type":45},"If you prefer a hands-on approach and face-to-face conversations with your ",{"text":2555,"type":45,"marks":4633},[4634],{"type":52,"attrs":4635},{"color":2480},{"text":4637,"type":45},", you may want to consider ",{"text":4285,"type":45,"marks":4639},[4640],{"type":52,"attrs":4641},{"color":2480},{"text":4643,"type":45}," from a ",{"text":4645,"type":45,"marks":4646},"traditional bank",[4647],{"type":52,"attrs":4648},{"color":2480},{"text":4650,"type":45},". Banks let you schedule ",{"text":4652,"type":45,"marks":4653},"in-person",[4654],{"type":52,"attrs":4655},{"color":2480},{"text":4657,"type":45}," meetings with loan officers or financial advisors to discuss your ",{"text":4659,"type":45,"marks":4660},"loan options",[4661],{"type":52,"attrs":4662},{"color":2480},{"text":4664,"type":45},", ask questions, and receive personalized guidance. Conversely, ",{"text":4445,"type":45,"marks":4666},[4667],{"type":52,"attrs":4668},{"color":2480},{"text":4670,"type":45}," conduct most of their business virtually. That makes it tough to schedule face-to-face conversations when you need help.",{"type":56,"attrs":4672,"content":4673},{"level":2677},[4674],{"text":4675,"type":45},"Banks have a long history of providing loans",{"type":41,"content":4677},[4678,4680,4685,4687,4691,4693,4697,4699,4703,4705,4711,4713,4717,4719,4727],{"text":4679,"type":45},"Banks are established ",{"text":4681,"type":45,"marks":4682},"financial institutions",[4683],{"type":52,"attrs":4684},{"color":2480},{"text":4686,"type":45},", many with long track records of offering various financial services. That extensive lending history usually makes them quite reliable. Many private ",{"text":2935,"type":45,"marks":4688},[4689],{"type":52,"attrs":4690},{"color":2480},{"text":4692,"type":45},", however, are recent additions to the lending landscape. Many lack established reputations, putting the onus on the ",{"text":4525,"type":45,"marks":4694},[4695],{"type":52,"attrs":4696},{"color":2480},{"text":4698,"type":45}," to do extensive research to protect themselves against predatory ",{"text":2935,"type":45,"marks":4700},[4701],{"type":52,"attrs":4702},{"color":2480},{"text":4704,"type":45},". One useful workaround is to borrow through lending marketplaces such as ",{"text":4592,"type":45,"marks":4706},[4707,4709],{"type":125,"attrs":4708},{"href":1336,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4710},{"color":1474},{"text":4712,"type":45},", which vets all the ",{"text":2935,"type":45,"marks":4714},[4715],{"type":52,"attrs":4716},{"color":2480},{"text":4718,"type":45}," on its platform. That way, you know you’re getting matched with a ",{"text":4720,"type":45,"marks":4721},"reputable institution",[4722,4725],{"type":125,"attrs":4723},{"href":4724,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/can-i-trust-online-personal-loan-lenders/#:~:text=Unlike%20big%20banks%2C%20online%20lenders,quick%20application%20and%20funding%20process.",{"type":52,"attrs":4726},{"color":1474},{"text":1348,"type":45},{"type":56,"attrs":4729,"content":4730},{"level":2677},[4731,4733],{"text":4732,"type":45},"Not all banks offer ",{"text":3810,"type":45,"marks":4734},[4735],{"type":52,"attrs":4736},{"color":18},{"type":41,"content":4738},[4739,4741,4745,4747,4751,4753,4757,4759,4764,4765,4769,4771,4776,4778,4786,4788,4792,4794,4798,4800,4804,4806,4810,4812,4816],{"text":4740,"type":45},"Also keep in mind that not all banks offer ",{"text":3810,"type":45,"marks":4742},[4743],{"type":52,"attrs":4744},{"color":2480},{"text":4746,"type":45},". 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If you’re specifically ",{"text":4779,"type":45,"marks":4780},"seeking a personal loan",[4781,4784],{"type":125,"attrs":4782},{"href":4783,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://marketplace.navient.com/blog/should-i-get-a-personal-loan/",{"type":52,"attrs":4785},{"color":1474},{"text":4787,"type":45},", you may find a broader range and potentially more favorable terms through ",{"text":4445,"type":45,"marks":4789},[4790],{"type":52,"attrs":4791},{"color":2480},{"text":4793,"type":45},". Some ",{"text":4445,"type":45,"marks":4795},[4796],{"type":52,"attrs":4797},{"color":2480},{"text":4799,"type":45}," even specialize in specific ",{"text":2476,"type":45,"marks":4801},[4802],{"type":52,"attrs":4803},{"color":2480},{"text":4805,"type":45}," or cater to specific types of ",{"text":4221,"type":45,"marks":4807},[4808],{"type":52,"attrs":4809},{"color":2480},{"text":4811,"type":45},", such as people with ",{"text":3695,"type":45,"marks":4813},[4814],{"type":52,"attrs":4815},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":4818,"content":4819},{"level":87},[4820,4822,4826,4828],{"text":4821,"type":45},"The pros and cons of getting a ",{"text":3242,"type":45,"marks":4823},[4824],{"type":52,"attrs":4825},{"color":2480},{"text":4827,"type":45}," through a private ",{"text":2555,"type":45,"marks":4829},[4830],{"type":52,"attrs":4831},{"color":2480},{"type":41,"content":4833},[4834],{"text":4835,"type":45},"So, all that considered, should you get a loan from a private lender or your bank? 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Here are some pros and cons to consider.",{"type":56,"attrs":4837,"content":4838},{"level":2677},[4839],{"text":4840,"type":45},"Pros:",{"type":1509,"attrs":4842,"content":4844},{"order":4843},{"order":58},[4845,4851,4863],{"type":105,"content":4846},[4847],{"type":41,"content":4848},[4849],{"text":4850,"type":45},"Qualification criteria may be less stringent.",{"type":105,"content":4852},[4853],{"type":41,"content":4854},[4855,4856,4861],{"text":3433,"type":45},{"text":4857,"type":45,"marks":4858},"loan approval",[4859],{"type":52,"attrs":4860},{"color":2480},{"text":4862,"type":45}," process is much faster.",{"type":105,"content":4864},[4865],{"type":41,"content":4866},[4867],{"text":4868,"type":45},"It’s easy to shop around and compare rates.",{"type":56,"attrs":4870,"content":4871},{"level":2677},[4872],{"text":4873,"type":45},"Cons",{"type":1509,"attrs":4875,"content":4877},{"order":4876},{"order":58},[4878,4895,4907],{"type":105,"content":4879},[4880],{"type":41,"content":4881},[4882,4884,4888,4890,4894],{"text":4883,"type":45},"Some private ",{"text":2935,"type":45,"marks":4885},[4886],{"type":52,"attrs":4887},{"color":2480},{"text":4889,"type":45}," offer ",{"text":3184,"type":45,"marks":4891},[4892],{"type":52,"attrs":4893},{"color":2480},{"text":1348,"type":45},{"type":105,"content":4896},[4897],{"type":41,"content":4898},[4899,4901,4905],{"text":4900,"type":45},"You’ll get limited ",{"text":4652,"type":45,"marks":4902},[4903],{"type":52,"attrs":4904},{"color":2480},{"text":4906,"type":45}," interaction.",{"type":105,"content":4908},[4909],{"type":41,"content":4910},[4911,4913,4917],{"text":4912,"type":45},"Most private ",{"text":2935,"type":45,"marks":4914},[4915],{"type":52,"attrs":4916},{"color":2480},{"text":4918,"type":45}," don’t have a long track record in the lending market.",{"type":56,"attrs":4920,"content":4921},{"level":87},[4922,4923,4927],{"text":4821,"type":45},{"text":3242,"type":45,"marks":4924},[4925],{"type":52,"attrs":4926},{"color":2480},{"text":4928,"type":45}," through your bank",{"type":56,"attrs":4930,"content":4931},{"level":2677},[4932],{"text":4933,"type":45},"Pros",{"type":1509,"attrs":4935,"content":4937},{"order":4936},{"order":58},[4938,4949,4955],{"type":105,"content":4939},[4940],{"type":41,"content":4941},[4942,4944,4948],{"text":4943,"type":45},"You may be able to get ",{"text":3665,"type":45,"marks":4945},[4946],{"type":52,"attrs":4947},{"color":2480},{"text":1348,"type":45},{"type":105,"content":4950},[4951],{"type":41,"content":4952},[4953],{"text":4954,"type":45},"It’s easy to schedule face-to-face interaction.",{"type":105,"content":4956},[4957],{"type":41,"content":4958},[4959],{"text":4960,"type":45},"Banks have long lending histories and established reputations.",{"type":56,"attrs":4962,"content":4963},{"level":2677},[4964],{"text":4873,"type":45},{"type":1509,"attrs":4966,"content":4968},{"order":4967},{"order":58},[4969,4975,4981],{"type":105,"content":4970},[4971],{"type":41,"content":4972},[4973],{"text":4974,"type":45},"It’s not easy to compare rates.",{"type":105,"content":4976},[4977],{"type":41,"content":4978},[4979],{"text":4980,"type":45},"Many banks have stricter qualification criteria",{"type":105,"content":4982},[4983],{"type":41,"content":4984},[4985,4987],{"text":4986,"type":45},"Available loan products may be more limited.",{"text":2697,"type":45,"marks":4988},[4989],{"type":52,"attrs":4990},{"color":18},{"type":56,"attrs":4992,"content":4993},{"level":87},[4994,4996],{"text":4995,"type":45},"What to look for when you pick a ",{"text":2555,"type":45,"marks":4997},[4998],{"type":52,"attrs":4999},{"color":2480},{"type":41,"content":5001},[5002,5004,5008],{"text":5003,"type":45},"Whether you choose to go through a bank or a private ",{"text":2555,"type":45,"marks":5005},[5006],{"type":52,"attrs":5007},{"color":2480},{"text":5009,"type":45},", here are a few qualifying factors to consider:",{"type":102,"content":5011},[5012,5039,5068,5090,5116],{"type":105,"content":5013},[5014],{"type":41,"content":5015},[5016,5022,5025,5027,5031,5033,5037],{"text":5017,"type":45,"marks":5018},"Interest rate",[5019,5020],{"type":113},{"type":52,"attrs":5021},{"color":2480},{"text":2791,"type":45,"marks":5023},[5024],{"type":113},{"text":5026,"type":45}," Compare different ",{"text":2935,"type":45,"marks":5028},[5029],{"type":52,"attrs":5030},{"color":2480},{"text":5032,"type":45},"’ ",{"text":4246,"type":45,"marks":5034},[5035],{"type":52,"attrs":5036},{"color":2480},{"text":5038,"type":45}," to ensure you’re getting the lowest available to you.",{"type":105,"content":5040},[5041],{"type":41,"content":5042},[5043,5047,5049,5054,5056,5060,5062,5066],{"text":5044,"type":45,"marks":5045},"Fees:",[5046],{"type":113},{"text":5048,"type":45}," Look for additional fees associated with the loan, such as loan ",{"text":5050,"type":45,"marks":5051},"origination fees",[5052],{"type":52,"attrs":5053},{"color":2480},{"text":5055,"type":45}," or prepayment penalties. The loan ",{"text":5050,"type":45,"marks":5057},[5058],{"type":52,"attrs":5059},{"color":2480},{"text":5061,"type":45}," should always be added to the total ",{"text":2974,"type":45,"marks":5063},[5064],{"type":52,"attrs":5065},{"color":2480},{"text":5067,"type":45},", so if you’re asked to pay any fees upfront, consider that a red flag.",{"type":105,"content":5069},[5070],{"type":41,"content":5071},[5072,5076,5078,5082,5084,5088],{"text":5073,"type":45,"marks":5074},"Customer service:",[5075],{"type":113},{"text":5077,"type":45}," Does the ",{"text":2555,"type":45,"marks":5079},[5080],{"type":52,"attrs":5081},{"color":2480},{"text":5083,"type":45}," have a good reputation for customer service? 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If you don’t have ",{"text":5145,"type":45,"marks":5146},"excellent credit",[5147],{"type":52,"attrs":5148},{"color":2480},{"text":5150,"type":45},", look for ",{"text":2935,"type":45,"marks":5152},[5153],{"type":52,"attrs":5154},{"color":2480},{"text":5156,"type":45}," that offer ",{"text":2484,"type":45,"marks":5158},[5159],{"type":52,"attrs":5160},{"color":2480},{"text":5162,"type":45}," instead. Just keep in mind that you’ll have to have a large asset, such as a house or car, to use as collateral. If you don’t, try to keep an eye out for alternative ",{"text":2935,"type":45,"marks":5164},[5165],{"type":52,"attrs":5166},{"color":2480},{"text":5168,"type":45},", which may check your income or employment history in addition to your ",{"text":3151,"type":45,"marks":5170},[5171],{"type":52,"attrs":5172},{"color":2480},{"text":5174,"type":45}," to build a more holistic view of your ",{"text":3171,"type":45,"marks":5176},[5177],{"type":52,"attrs":5178},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":5181,"content":5182},{"level":87},[5183,5185,5190,5192],{"text":5184,"type":45},"How to get the ",{"text":5186,"type":45,"marks":5187},"best rates",[5188],{"type":52,"attrs":5189},{"color":2480},{"text":5191,"type":45}," on a ",{"text":3242,"type":45,"marks":5193},[5194],{"type":52,"attrs":5195},{"color":2480},{"type":41,"content":5197},[5198,5200,5207],{"text":5199,"type":45},"To ",{"text":5201,"type":45,"marks":5202},"secure the best personal loan rates",[5203,5205],{"type":125,"attrs":5204},{"href":4783,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":5206},{"color":1474},{"text":5208,"type":45},", consider the following strategies:",{"type":102,"content":5210},[5211,5263,5308,5334,5357,5397],{"type":105,"content":5212},[5213],{"type":41,"content":5214},[5215,5219,5224,5227,5228,5233,5234,5238,5240,5248,5250,5254,5256,5261],{"text":5216,"type":45,"marks":5217},"Monitor national ",[5218],{"type":113},{"text":4246,"type":45,"marks":5220},[5221,5222],{"type":113},{"type":52,"attrs":5223},{"color":2480},{"text":2791,"type":45,"marks":5225},[5226],{"type":113},{"text":223,"type":45},{"text":5229,"type":45,"marks":5230},"Personal loan",[5231],{"type":52,"attrs":5232},{"color":2480},{"text":223,"type":45},{"text":4246,"type":45,"marks":5235},[5236],{"type":52,"attrs":5237},{"color":2480},{"text":5239,"type":45}," are often calculated based on ",{"text":5241,"type":45,"marks":5242},"national interest rates",[5243,5246],{"type":125,"attrs":5244},{"href":5245,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.fdic.gov/resources/bankers/national-rates/index.html",{"type":52,"attrs":5247},{"color":1474},{"text":5249,"type":45},". 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We collaborate with ",{"text":5887,"type":45,"marks":5888},"MoneyLion",[5889],{"type":52,"attrs":5890},{"color":2374},{"text":5892,"type":45},", a partner marketplace with a robust ",{"text":3810,"type":45,"marks":5894},[5895],{"type":52,"attrs":5896},{"color":2480},{"text":5898,"type":45}," database. With double the search power at your fingertips, you can easily find ",{"text":3810,"type":45,"marks":5900},[5901],{"type":52,"attrs":5902},{"color":2480},{"text":4752,"type":45},{"text":5905,"type":45,"marks":5906},"competitive rates",[5907],{"type":52,"attrs":5908},{"color":2480},{"text":5910,"type":45}," and favorable ",{"text":3014,"type":45,"marks":5912},[5913],{"type":52,"attrs":5914},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":5917,"content":5918},{"level":87,"textAlign":128},[5919,5920,5924],{"text":5767,"type":45},{"text":3242,"type":45,"marks":5921},[5922],{"type":52,"attrs":5923},{"color":2480},{"text":2544,"type":45},{"type":41,"attrs":5926,"content":5927},{"textAlign":128},[5928,5929,5933,5935,5939,5941,5945,5947,5954,5956,5961,5963,5967,5969,5973,5975,5979,5981,5985,5986,5990,5991,5998,5999,6004],{"text":3237,"type":45},{"text":3242,"type":45,"marks":5930},[5931],{"type":52,"attrs":5932},{"color":2480},{"text":5934,"type":45}," is a type of ",{"text":3252,"type":45,"marks":5936},[5937],{"type":52,"attrs":5938},{"color":2480},{"text":5940,"type":45},": a bank, ",{"text":5351,"type":45,"marks":5942},[5943],{"type":52,"attrs":5944},{"color":2480},{"text":5946,"type":45},", or ",{"text":4438,"type":45,"marks":5948},[5949,5952],{"type":125,"attrs":5950},{"href":5951,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/online-personal-loans/",{"type":52,"attrs":5953},{"color":1474},{"text":5955,"type":45}," lends money to an individual in a single ",{"text":5957,"type":45,"marks":5958},"lump sum",[5959],{"type":52,"attrs":5960},{"color":2480},{"text":5962,"type":45},". The ",{"text":4525,"type":45,"marks":5964},[5965],{"type":52,"attrs":5966},{"color":2480},{"text":5968,"type":45}," then repays the loan via a series of ",{"text":3598,"type":45,"marks":5970},[5971],{"type":52,"attrs":5972},{"color":2480},{"text":5974,"type":45},", or installments. Unlike an auto or mortgage loan, a ",{"text":3242,"type":45,"marks":5976},[5977],{"type":52,"attrs":5978},{"color":2480},{"text":5980,"type":45}," can be used for nearly any purpose, including ",{"text":3266,"type":45,"marks":5982},[5983],{"type":52,"attrs":5984},{"color":2480},{"text":1722,"type":45},{"text":3301,"type":45,"marks":5987},[5988],{"type":52,"attrs":5989},{"color":2480},{"text":5946,"type":45},{"text":3259,"type":45,"marks":5992},[5993,5996],{"type":125,"attrs":5994},{"href":5995,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://marketplace.navient.com/blog/personal-loan-to-pay-off-credit-card/",{"type":52,"attrs":5997},{"color":1474},{"text":2489,"type":45},{"text":6000,"type":45,"marks":6001},"refinancing",[6002],{"type":52,"attrs":6003},{"color":2480},{"text":1348,"type":45},{"type":41,"attrs":6006},{"textAlign":128},{"type":41,"attrs":6008,"content":6009},{"textAlign":128},[6010,6014,6016,6023,6025,6029,6031,6035,6037,6041,6042,6046,6048,6052,6054,6058,6060,6064],{"text":1234,"type":45,"marks":6011},[6012],{"type":52,"attrs":6013},{"color":2480},{"text":6015,"type":45}," are typically unsecured loans. With an ",{"text":3914,"type":45,"marks":6017},[6018,6021],{"type":125,"attrs":6019},{"href":6020,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/unsecured-vs-secured-personal-loans-101/",{"type":52,"attrs":6022},{"color":1474},{"text":6024,"type":45},", you don’t have to provide collateral to convince the ",{"text":2555,"type":45,"marks":6026},[6027],{"type":52,"attrs":6028},{"color":2480},{"text":6030,"type":45}," that you’re good for your debt. 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To use it, simply go to ",{"text":6091,"type":45,"marks":6092},"the Navient website",[6093,6096],{"type":125,"attrs":6094},{"href":4008,"uuid":128,"anchor":128,"target":6095,"linktype":130},"_self",{"type":52,"attrs":6097},{"color":1474},{"text":6099,"type":45}," and enter your desired ",{"text":2974,"type":45,"marks":6101},[6102],{"type":52,"attrs":6103},{"color":2480},{"text":1722,"type":45},{"text":3164,"type":45,"marks":6106},[6107],{"type":52,"attrs":6108},{"color":2480},{"text":6110,"type":45},", and a few other details. 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Instead, it serves as a bridge, connecting ",{"text":2935,"type":45,"marks":6200},[6201],{"type":52,"attrs":6202},{"color":2480},{"text":2489,"type":45},{"text":4221,"type":45,"marks":6205},[6206],{"type":52,"attrs":6207},{"color":2480},{"text":6209,"type":45},". Here’s how the process works in five basic steps:",{"type":56,"attrs":6211,"content":6212},{"level":2677,"textAlign":128},[6213],{"text":6214,"type":45},"1. Input your information",{"type":41,"attrs":6216,"content":6217},{"textAlign":128},[6218,6220,6224,6226,6230,6232,6239,6241,6246,6248,6253,6255,6259,6261,6266],{"text":6219,"type":45},"First visit the marketplace website to complete a ",{"text":4570,"type":45,"marks":6221},[6222],{"type":52,"attrs":6223},{"color":2480},{"text":6225,"type":45}," form. This form will ask some basic questions about your identity and ",{"text":2574,"type":45,"marks":6227},[6228],{"type":52,"attrs":6229},{"color":2480},{"text":6231,"type":45},". 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Some ",{"text":2935,"type":45,"marks":6601},[6602],{"type":52,"attrs":6603},{"color":2480},{"text":6605,"type":45}," also ",{"text":6607,"type":45,"marks":6608},"charge origination fees",[6609],{"type":52,"attrs":6610},{"color":2480},{"text":6612,"type":45}," and other costs. The best way to gauge the ",{"text":6614,"type":45,"marks":6615},"total cost",[6616],{"type":52,"attrs":6617},{"color":2480},{"text":6619,"type":45}," of a loan is to look at its APR. ",{"text":6621,"type":45,"marks":6622},"APR is a measure",[6623,6626],{"type":125,"attrs":6624},{"href":6625,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/interest-rate-vs-apr-personal-loan/",{"type":52,"attrs":6627},{"color":1474},{"text":6629,"type":45}," of a loan’s ",{"text":4321,"type":45,"marks":6631},[6632],{"type":52,"attrs":6633},{"color":2480},{"text":6635,"type":45}," combined with any regular fees. If you have a ",{"text":6637,"type":45,"marks":6638},"bad credit score",[6639],{"type":52,"attrs":6640},{"color":2480},{"text":6642,"type":45},", you probably won’t qualify for many loans in a low ",{"text":6644,"type":45,"marks":6645},"APR range",[6646],{"type":52,"attrs":6647},{"color":2480},{"text":6649,"type":45},". That said, it may still make sense to take out a ",{"text":3242,"type":45,"marks":6651},[6652],{"type":52,"attrs":6653},{"color":2480},{"text":6655,"type":45}," if you need to. You can always ",{"text":6657,"type":45,"marks":6658},"refinance it later",[6659,6662],{"type":125,"attrs":6660},{"href":6661,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://money.usnews.com/loans/personal-loans/articles/should-you-refinance-a-personal-loan",{"type":52,"attrs":6663},{"color":1474},{"text":6665,"type":45}," if your ",{"text":3164,"type":45,"marks":6667},[6668],{"type":52,"attrs":6669},{"color":2480},{"text":6671,"type":45}," improves. ",{"type":6472},{"type":6472},{"type":102,"content":6675},[6676,6730,6776],{"type":105,"content":6677},[6678],{"type":41,"attrs":6679,"content":6680},{"textAlign":128},[6681,6685,6687,6691,6693,6698,6699,6707,6709,6714,6716,6720,6722,6726,6728,6729],{"text":6682,"type":45,"marks":6683},"Fees: ",[6684],{"type":113},{"text":6686,"type":45},"On top of the regular fees included in APR, some ",{"text":2935,"type":45,"marks":6688},[6689],{"type":52,"attrs":6690},{"color":2480},{"text":6692,"type":45}," charge ",{"text":6694,"type":45,"marks":6695},"late fees",[6696],{"type":52,"attrs":6697},{"color":2480},{"text":1722,"type":45},{"text":6700,"type":45,"marks":6701},"prepayment penalties",[6702,6705],{"type":125,"attrs":6703},{"href":6704,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/",{"type":52,"attrs":6706},{"color":1474},{"text":6708,"type":45},", or overdraft fees. If you have a tough time making ",{"text":6710,"type":45,"marks":6711},"on-time payments",[6712],{"type":52,"attrs":6713},{"color":2480},{"text":6715,"type":45},", these fees could rack up, making even loans with ",{"text":2597,"type":45,"marks":6717},[6718],{"type":52,"attrs":6719},{"color":2480},{"text":6721,"type":45}," quite expensive. Before you select a ",{"text":2555,"type":45,"marks":6723},[6724],{"type":52,"attrs":6725},{"color":2480},{"text":6727,"type":45},", check their disclosures for hidden costs. ",{"type":6472},{"type":6472},{"type":105,"content":6731},[6732],{"type":41,"attrs":6733,"content":6734},{"textAlign":128},[6735,6741,6744,6750,6753,6754,6759,6761,6766,6768,6772,6774,6775],{"text":6736,"type":45,"marks":6737},"Loan amounts",[6738,6740],{"type":52,"attrs":6739},{"color":2480},{"type":113},{"text":2489,"type":45,"marks":6742},[6743],{"type":113},{"text":6745,"type":45,"marks":6746},"term length",[6747,6749],{"type":52,"attrs":6748},{"color":2480},{"type":113},{"text":2791,"type":45,"marks":6751},[6752],{"type":113},{"text":223,"type":45},{"text":6755,"type":45,"marks":6756},"Personal loan amounts",[6757],{"type":52,"attrs":6758},{"color":2480},{"text":6760,"type":45}," often range from $1,000 to $250,000. ",{"text":6762,"type":45,"marks":6763},"Loan terms",[6764],{"type":52,"attrs":6765},{"color":2480},{"text":6767,"type":45}," vary from six to 144 months. Make sure any potential ",{"text":5257,"type":45,"marks":6769},[6770],{"type":52,"attrs":6771},{"color":2480},{"text":6773,"type":45}," align with your financial goals. ",{"type":6472},{"type":6472},{"type":105,"content":6777},[6778],{"type":41,"attrs":6779,"content":6780},{"textAlign":128},[6781,6787,6790,6792,6797,6799,6804,6806,6811,6813,6817,6819,6824,6826,6830,6832,6836,6838,6843,6845,6849,6851,6855],{"text":6782,"type":45,"marks":6783},"Perks",[6784,6786],{"type":52,"attrs":6785},{"color":2480},{"type":113},{"text":2482,"type":45,"marks":6788},[6789],{"type":113},{"text":6791,"type":45},"Some loan ",{"text":6793,"type":45,"marks":6794},"providers",[6795],{"type":52,"attrs":6796},{"color":2480},{"text":6798,"type":45}," provide extra ",{"text":6800,"type":45,"marks":6801},"perks",[6802],{"type":52,"attrs":6803},{"color":2480},{"text":6805,"type":45},", like an annual skip-a-payment option, which lets you make one ",{"text":6807,"type":45,"marks":6808},"late payment",[6809],{"type":52,"attrs":6810},{"color":2480},{"text":6812,"type":45}," per year without penalty. Some ",{"text":2935,"type":45,"marks":6814},[6815],{"type":52,"attrs":6816},{"color":2480},{"text":6818,"type":45}," also provide an ",{"text":6820,"type":45,"marks":6821},"autopay discount",[6822],{"type":52,"attrs":6823},{"color":2480},{"text":6825,"type":45}," which gives you a ",{"text":4358,"type":45,"marks":6827},[6828],{"type":52,"attrs":6829},{"color":2480},{"text":6831,"type":45}," if you sign up for automated ",{"text":3419,"type":45,"marks":6833},[6834],{"type":52,"attrs":6835},{"color":2480},{"text":6837,"type":45}," made from your ",{"text":6839,"type":45,"marks":6840},"checking account",[6841],{"type":52,"attrs":6842},{"color":2480},{"text":6844,"type":45},". If you’re stuck trying to decide between two ",{"text":2935,"type":45,"marks":6846},[6847],{"type":52,"attrs":6848},{"color":2480},{"text":6850,"type":45},", these ",{"text":6800,"type":45,"marks":6852},[6853],{"type":52,"attrs":6854},{"color":2480},{"text":6856,"type":45}," can serve as a tie-breaker.",{"type":56,"attrs":6858,"content":6859},{"level":2677,"textAlign":128},[6860],{"text":6861,"type":45},"4. Apply for the loan",{"type":41,"attrs":6863,"content":6864},{"textAlign":128},[6865,6867,6871,6873,6877,6879,6884,6886,6891,6893,6897,6899,6907,6909,6913],{"text":6866,"type":45},"Once you’ve selected a ",{"text":2555,"type":45,"marks":6868},[6869],{"type":52,"attrs":6870},{"color":2480},{"text":6872,"type":45},", click on your top choice and you’ll be redirected to the ",{"text":2555,"type":45,"marks":6874},[6875],{"type":52,"attrs":6876},{"color":2480},{"text":6878,"type":45},"’s website to complete a full ",{"text":6880,"type":45,"marks":6881},"loan application",[6882],{"type":52,"attrs":6883},{"color":2480},{"text":6885,"type":45},". You’ll need to provide your ",{"text":6887,"type":45,"marks":6888},"social security",[6889],{"type":52,"attrs":6890},{"color":2480},{"text":6892,"type":45}," number, income information, and other personal details. After the ",{"text":2555,"type":45,"marks":6894},[6895],{"type":52,"attrs":6896},{"color":2480},{"text":6898,"type":45}," receives your application, they will perform a ",{"text":6900,"type":45,"marks":6901},"hard credit check",[6902,6905],{"type":125,"attrs":6903},{"href":6904,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/what-is-a-hard-inquiry/",{"type":52,"attrs":6906},{"color":1474},{"text":6908,"type":45},", which may lead to a small, temporary dip in your ",{"text":3164,"type":45,"marks":6910},[6911],{"type":52,"attrs":6912},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":6915,"content":6916},{"level":2677,"textAlign":128},[6917,6919],{"text":6918,"type":45},"5. 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You can either accept this offer or turn it down and apply with another ",{"text":2555,"type":45,"marks":6942},[6943],{"type":52,"attrs":6944},{"color":2480},{"text":6946,"type":45}," instead.",{"type":41,"attrs":6948},{"textAlign":128},{"type":41,"attrs":6950,"content":6951},{"textAlign":128},[6952,6954,6958,6960,6964,6966,6974,6976,6980,6982,6986],{"text":6953,"type":45},"The good news is that applying with a second ",{"text":2555,"type":45,"marks":6955},[6956],{"type":52,"attrs":6957},{"color":2480},{"text":6959,"type":45}," won’t lead to an additional dip in your ",{"text":3164,"type":45,"marks":6961},[6962],{"type":52,"attrs":6963},{"color":2480},{"text":6965,"type":45}," — as long as you do it soon. 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While some ",{"text":7015,"type":45,"marks":7016},"personal loan lenders",[7017],{"type":52,"attrs":7018},{"color":2480},{"text":7020,"type":45}," will deposit funds as soon as the ",{"text":7022,"type":45,"marks":7023},"next business day",[7024],{"type":52,"attrs":7025},{"color":2480},{"text":7027,"type":45},", most will issue your disbursement within five to seven ",{"text":7029,"type":45,"marks":7030},"business days",[7031],{"type":52,"attrs":7032},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":7035,"content":7036},{"level":87,"textAlign":128},[7037,7038,7042],{"text":5569,"type":45},{"text":6332,"type":45,"marks":7039},[7040],{"type":52,"attrs":7041},{"color":2480},{"text":7043,"type":45}," on Navient Marketplace",{"type":41,"attrs":7045,"content":7046},{"textAlign":128},[7047,7051,7053,7058,7060,7065,7067,7071,7073,7077,7079,7083,7085,7089,7091,7099],{"text":1234,"type":45,"marks":7048},[7049],{"type":52,"attrs":7050},{"color":2480},{"text":7052,"type":45}," are a popular source of ",{"text":7054,"type":45,"marks":7055},"fast funding",[7056],{"type":52,"attrs":7057},{"color":2480},{"text":7059,"type":45}," for everything from emergency expenses to ",{"text":7061,"type":45,"marks":7062},"debt consolidation loans",[7063],{"type":52,"attrs":7064},{"color":2480},{"text":7066,"type":45},". 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In exchange, the new ",{"text":2555,"type":45,"marks":7898},[7899],{"type":52,"attrs":7900},{"color":2480},{"text":7902,"type":45}," will issue you a new loan, usually with a lower ",{"text":4321,"type":45,"marks":7904},[7905],{"type":52,"attrs":7906},{"color":2480},{"text":1348,"type":45},{"type":6472},{"type":6472},{"type":105,"content":7911},[7912],{"type":41,"content":7913},[7914,7918,7923,7926,7928,7932],{"text":7915,"type":45,"marks":7916},"Cash-out ",[7917],{"type":113},{"text":7342,"type":45,"marks":7919},[7920,7921],{"type":113},{"type":52,"attrs":7922},{"color":2480},{"text":2791,"type":45,"marks":7924},[7925],{"type":113},{"text":7927,"type":45}," With this type of refinancing, you take out a new mortgage loan that’s worth more than what you actually owe on your house. Your new ",{"text":2555,"type":45,"marks":7929},[7930],{"type":52,"attrs":7931},{"color":2480},{"text":7933,"type":45}," first uses that oversized amount to pay off your old mortgage loan. 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Much like the ",{"text":5887,"type":45,"marks":7965},[7966],{"type":52,"attrs":7967},{"color":2374},{"text":7969,"type":45,"marks":7970}," loan",[7971],{"type":52,"attrs":7972},{"color":2480},{"text":7974,"type":45}," search platform, LeapLife scours through ",{"text":7948,"type":45,"marks":7976},[7977],{"type":52,"attrs":7978},{"color":2480},{"text":223,"type":45},{"text":6793,"type":45,"marks":7981},[7982],{"type":52,"attrs":7983},{"color":2480},{"text":7985,"type":45}," to find products that fit your needs. Savvy does the same for auto insurance.",{"type":56,"attrs":7987,"content":7988},{"level":2677},[7989],{"text":7990,"type":45,"marks":7991},"Savings accounts",[7992],{"type":52,"attrs":7993},{"color":18},{"type":41,"content":7995},[7996,7998,8002,8004,8009,8011,8019],{"text":7997,"type":45},"High-interest savings vehicles can help you earn more from your savings, but good ones can be hard to find. ",{"text":5887,"type":45,"marks":7999},[8000],{"type":52,"attrs":8001},{"color":2374},{"text":8003,"type":45}," can help by automatically connecting you to ",{"text":8005,"type":45,"marks":8006},"savings accounts",[8007],{"type":52,"attrs":8008},{"color":2480},{"text":8010,"type":45}," with the highest ",{"text":8012,"type":45,"marks":8013},"annual percentage yield (APY)",[8014,8017],{"type":125,"attrs":8015},{"href":8016,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.investopedia.com/terms/a/apy.asp",{"type":52,"attrs":8018},{"color":1474},{"text":8020,"type":45},". 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Input your information and requirements",{"type":41,"content":8052},[8053,8055,8062,8064,8069,8071,8076,8078,8082,8084,8088,8090,8094],{"text":8054,"type":45},"To get started, go to ",{"text":8056,"type":45,"marks":8057},"the Marketplace",[8058,8060],{"type":125,"attrs":8059},{"href":1336,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":8061},{"color":1474},{"text":8063,"type":45}," and select the type of ",{"text":8065,"type":45,"marks":8066},"financial product",[8067],{"type":52,"attrs":8068},{"color":2480},{"text":8070,"type":45}," you’re looking for. You’ll also need to enter your personal information, including your physical address, ",{"text":8072,"type":45,"marks":8073},"social security number",[8074],{"type":52,"attrs":8075},{"color":2480},{"text":8077,"type":45},", and income. This allows ",{"text":5887,"type":45,"marks":8079},[8080],{"type":52,"attrs":8081},{"color":2374},{"text":8083,"type":45}," to match you with ",{"text":2935,"type":45,"marks":8085},[8086],{"type":52,"attrs":8087},{"color":2480},{"text":8089,"type":45}," and credit offers that you’re certain to qualify for. Rest assured that this information is only used to pull your credit report for prequalification purposes. The prequalification process will not affect your ",{"text":3164,"type":45,"marks":8091},[8092],{"type":52,"attrs":8093},{"color":2480},{"text":8095,"type":45},", and your personal details will be kept secure.",{"type":56,"attrs":8097,"content":8098},{"level":2677},[8099],{"text":8100,"type":45},"2. 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Keep in mind that these ",{"text":5630,"type":45,"marks":8138},[8139],{"type":52,"attrs":8140},{"color":2480},{"text":8142,"type":45}," are estimates. To get a firm commitment from the loan ",{"text":8144,"type":45,"marks":8145},"issuer",[8146],{"type":52,"attrs":8147},{"color":2480},{"text":8149,"type":45},", you’ll have to fill out an official loan application.",{"type":56,"attrs":8151,"content":8152},{"level":2677},[8153],{"text":8154,"type":45},"3. Apply for the loan",{"type":41,"content":8156},[8157,8159,8164,8166,8170,8172,8176],{"text":8158,"type":45},"Once you’ve done a thorough review and chosen a bank or ",{"text":8160,"type":45,"marks":8161},"credit card",[8162],{"type":52,"attrs":8163},{"color":2480},{"text":8165,"type":45}," company that suits your ",{"text":1571,"type":45,"marks":8167},[8168],{"type":52,"attrs":8169},{"color":2480},{"text":8171,"type":45}," needs, you’ll be redirected to that company’s website. You can complete your ",{"text":3072,"type":45,"marks":8173},[8174],{"type":52,"attrs":8175},{"color":2480},{"text":8177,"type":45}," there.",{"type":41},{"type":41,"content":8180},[8181,8183,8187,8189,8193,8195,8199,8201,8205,8206,8214,8216],{"text":8182,"type":45},"On the application, you’ll need to share proof of the details you provided on ",{"text":5887,"type":45,"marks":8184},[8185],{"type":52,"attrs":8186},{"color":2374},{"text":8188,"type":45},"’s website. The ",{"text":8131,"type":45,"marks":8190},[8191],{"type":52,"attrs":8192},{"color":2480},{"text":8194,"type":45}," will then pull your credit report to double-check your creditworthiness. 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Having a ",{"text":3561,"type":45,"marks":8762},[8763],{"type":52,"attrs":8764},{"color":2480},{"text":8766,"type":45}," increases your chances of being approved for all kinds of essential funding, from personal loans to mortgage loans. It’s also key to qualifying for the best ",{"text":4246,"type":45,"marks":8768},[8769],{"type":52,"attrs":8770},{"color":2480},{"text":8772,"type":45},". If you don’t currently have stellar credit, credit cards can be an excellent tool to help you build it up.",{"type":41},{"type":41,"content":8775},[8776,8778,8783],{"text":8777,"type":45},"So, how does it work? And how many credit cards should you have to ",{"text":8779,"type":45,"marks":8780},"build credit",[8781],{"type":52,"attrs":8782},{"color":2480},{"text":8784,"type":45},"? 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",{"text":8849,"type":45,"marks":8850},"Lenders",[8851],{"type":52,"attrs":8852},{"color":2480},{"text":8854,"type":45}," want to make sure you can ",{"text":8856,"type":45,"marks":8857},"afford your monthly payments",[8858,8860],{"type":125,"attrs":8859},{"href":6490,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":8861},{"color":1474},{"text":8863,"type":45},". To do that, they’ll assess your ",{"text":2574,"type":45,"marks":8865},[8866],{"type":52,"attrs":8867},{"color":2480},{"text":8869,"type":45}," before agreeing to loan you any money. ",{"text":8849,"type":45,"marks":8871},[8872],{"type":52,"attrs":8873},{"color":2480},{"text":8875,"type":45}," are more likely to extend credit to people with a proven history of timely repayments. 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",{"text":8849,"type":45,"marks":8907},[8908],{"type":52,"attrs":8909},{"color":2480},{"text":8911,"type":45}," use this score to assess your credit risk. ",{"text":8913,"type":45,"marks":8914},"The FICO score",[8915,8918],{"type":125,"attrs":8916},{"href":8917,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.fico.com/en/products/fico-score",{"type":52,"attrs":8919},{"color":1474},{"text":8921,"type":45}," is the most common ",{"text":8923,"type":45,"marks":8924},"type of credit score",[8925],{"type":52,"attrs":8926},{"color":2480},{"text":8928,"type":45},". On the ",{"text":8930,"type":45,"marks":8931},"FICO",[8932],{"type":52,"attrs":8933},{"color":2480},{"text":8935,"type":45}," scale, 850 is the best ",{"text":3164,"type":45,"marks":8937},[8938],{"type":52,"attrs":8939},{"color":2480},{"text":8941,"type":45}," you can achieve, and 300 is the lowest. 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",{"text":9036,"type":45,"marks":9037},"Missed payments",[9038],{"type":52,"attrs":9039},{"color":2480},{"text":9041,"type":45},", defaults, and collections could all significantly hurt your ",{"text":3164,"type":45,"marks":9043},[9044],{"type":52,"attrs":9045},{"color":2480},{"text":9047,"type":45},". So, be sure to keep making on-time payments on any outstanding debts while you’re working on building your credit.",{"type":6472},{"type":6472},{"type":105,"content":9051},[9052],{"type":41,"content":9053},[9054,9060,9064,9066,9071,9073,9077,9079,9084,9086,9091,9093,9098,9100,9104,9106,9107],{"text":9055,"type":45,"marks":9056},"Credit utilization",[9057,9058],{"type":113},{"type":52,"attrs":9059},{"color":2480},{"text":9061,"type":45,"marks":9062}," (30%): ",[9063],{"type":113},{"text":9065,"type":45},"Your ",{"text":9067,"type":45,"marks":9068},"Credit utilization ratio",[9069],{"type":52,"attrs":9070},{"color":2480},{"text":9072,"type":45}," (CUR) is the second-most important component of a ",{"text":8930,"type":45,"marks":9074},[9075],{"type":52,"attrs":9076},{"color":2480},{"text":9078,"type":45}," store. Your CUR is the percentage of your ",{"text":9080,"type":45,"marks":9081},"available credit",[9082],{"type":52,"attrs":9083},{"color":2480},{"text":9085,"type":45}," that you’re currently using. For example, if your ",{"text":9087,"type":45,"marks":9088},"total credit limit",[9089],{"type":52,"attrs":9090},{"color":2480},{"text":9092,"type":45}," is $10,000 and you owe $4,000 in total debt, your ",{"text":9094,"type":45,"marks":9095},"credit utilization ratio",[9096],{"type":52,"attrs":9097},{"color":2480},{"text":9099,"type":45}," is $4,000/$10,000, or 40%. To maintain a ",{"text":3561,"type":45,"marks":9101},[9102],{"type":52,"attrs":9103},{"color":2480},{"text":9105,"type":45},", strive to keep your CUR below 30%. ",{"type":6472},{"type":6472},{"type":105,"content":9109},[9110],{"type":41,"content":9111},[9112,9116,9121,9125,9133],{"text":9113,"type":45,"marks":9114},"Length of ",[9115],{"type":113},{"text":2574,"type":45,"marks":9117},[9118,9119],{"type":113},{"type":52,"attrs":9120},{"color":2480},{"text":9122,"type":45,"marks":9123}," (15%): ",[9124],{"type":113},{"text":9126,"type":45,"marks":9127},"To get a minimum FICO score",[9128,9131],{"type":125,"attrs":9129},{"href":9130,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/how-long-does-it-take-to-build-credit/",{"type":52,"attrs":9132},{"color":1474},{"text":9134,"type":45},", you need to have at least one credit account that’s been open for six months or more. But to get a maximum score in this category, you’ll need to have had open credit accounts for at least several years.",{"type":41},{"type":1509,"attrs":9137,"content":9139},{"order":9138},{"order":2914},[9140,9177],{"type":105,"content":9141},[9142],{"type":41,"content":9143},[9144,9150,9154,9156,9161,9163,9168,9170,9174,9175,9176],{"text":9145,"type":45,"marks":9146},"Credit mix",[9147,9148],{"type":113},{"type":52,"attrs":9149},{"color":2480},{"text":9151,"type":45,"marks":9152}," (10%): ",[9153],{"type":113},{"text":9155,"type":45},"A diverse ",{"text":9157,"type":45,"marks":9158},"credit mix",[9159],{"type":52,"attrs":9160},{"color":2480},{"text":9162,"type":45}," indicates your ability to manage different ",{"text":9164,"type":45,"marks":9165},"types of credit",[9166],{"type":52,"attrs":9167},{"color":2480},{"text":9169,"type":45}," responsibly. So, if you have some student loans, a couple of credit cards, a mortgage loan, and a car loan, you likely have a favorable ",{"text":9157,"type":45,"marks":9171},[9172],{"type":52,"attrs":9173},{"color":2480},{"text":3176,"type":45},{"type":6472},{"type":6472},{"type":105,"content":9178},[9179],{"type":41,"content":9180},[9181,9185,9187,9192,9194,9199,9200,9204,9206,9211,9213,9217],{"text":9182,"type":45,"marks":9183},"New credit (10%):",[9184],{"type":113},{"text":9186,"type":45}," If you open a ",{"text":9188,"type":45,"marks":9189},"lot of credit cards",[9190],{"type":52,"attrs":9191},{"color":2480},{"text":9193,"type":45}," in a ",{"text":9195,"type":45,"marks":9196},"short period of time",[9197],{"type":52,"attrs":9198},{"color":2480},{"text":1722,"type":45},{"text":2935,"type":45,"marks":9201},[9202],{"type":52,"attrs":9203},{"color":2480},{"text":9205,"type":45}," may view that as a sign of financial instability. If you can, try to space out how often you apply for ",{"text":9207,"type":45,"marks":9208},"new credit cards",[9209],{"type":52,"attrs":9210},{"color":2480},{"text":9212,"type":45}," or other ",{"text":4182,"type":45,"marks":9214},[9215],{"type":52,"attrs":9216},{"color":2480},{"text":9218,"type":45}," by at least six months.",{"type":56,"attrs":9220,"content":9221},{"level":2677},[9222,9224],{"text":9223,"type":45},"How to start using cards to ",{"text":8779,"type":45,"marks":9225},[9226],{"type":52,"attrs":9227},{"color":18},{"type":41,"content":9229},[9230,9232,9236,9238,9243,9245,9253,9255,9263],{"text":9231,"type":45},"You can apply for most credit cards either online or in person through banks and other financial institutions. If you have no previous ",{"text":2574,"type":45,"marks":9233},[9234],{"type":52,"attrs":9235},{"color":2480},{"text":9237,"type":45},", you may want to consider getting a ",{"text":9239,"type":45,"marks":9240},"secured credit card",[9241],{"type":52,"attrs":9242},{"color":2480},{"text":9244,"type":45}," as ",{"text":9246,"type":45,"marks":9247},"your first credit card",[9248,9251],{"type":125,"attrs":9249},{"href":9250,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/how-to-get-your-first-credit-card/",{"type":52,"attrs":9252},{"color":1474},{"text":9254,"type":45},". A secured card requires a cash deposit as collateral, but it doesn’t often involve a credit check. If you’re a student, you may also qualify for a low-interest ",{"text":9256,"type":45,"marks":9257},"student credit card",[9258,9261],{"type":125,"attrs":9259},{"href":9260,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.equifax.com/personal/education/credit-cards/articles/-/learn/student-credit-cards-what-are-they-how-to-get-one/",{"type":52,"attrs":9262},{"color":1474},{"text":1348,"type":45},{"type":41,"content":9265},[9266,9268,9272,9274,9278],{"text":9267,"type":45},"Once you have your first credit card, use it regularly but responsibly. Make sure to pay off the balance in full and on time every month. After a while, your ",{"text":3151,"type":45,"marks":9269},[9270],{"type":52,"attrs":9271},{"color":2480},{"text":9273,"type":45}," will show a pattern of on-time payments, which will help you build a positive ",{"text":8798,"type":45,"marks":9275},[9276],{"type":52,"attrs":9277},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":9280,"content":9281},{"level":87},[9282,9284,9288],{"text":9283,"type":45},"How many credit cards should I have to ",{"text":8779,"type":45,"marks":9285},[9286],{"type":52,"attrs":9287},{"color":2480},{"text":2544,"type":45},{"type":41,"content":9290},[9291,9293,9298,9299,9304,9306,9314,9316,9321,9323,9331],{"text":9292,"type":45},"According to ",{"text":9294,"type":45,"marks":9295},"Experian",[9296],{"type":52,"attrs":9297},{"color":2480},{"text":3143,"type":45},{"text":9300,"type":45,"marks":9301},"average American",[9302],{"type":52,"attrs":9303},{"color":2480},{"text":9305,"type":45}," had ",{"text":9307,"type":45,"marks":9308},"3.1 credit cards in 2020",[9309,9312],{"type":125,"attrs":9310},{"href":9311,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/average-number-of-credit-cards-a-person-has/",{"type":52,"attrs":9313},{"color":1474},{"text":9315,"type":45}," with an average ",{"text":9317,"type":45,"marks":9318},"credit limit",[9319],{"type":52,"attrs":9320},{"color":2480},{"text":9322,"type":45}," of $30,365. The average Gen Z consumer currently ",{"text":9324,"type":45,"marks":9325},"has 2.1 credit cards",[9326,9329],{"type":125,"attrs":9327},{"href":9328,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/how-credit-card-usage-differs-by-generation/",{"type":52,"attrs":9330},{"color":1474},{"text":1348,"type":45},{"type":41,"content":9333},[9334,9336,9341],{"text":9335,"type":45},"That said, your optimal ",{"text":9337,"type":45,"marks":9338},"number of credit cards",[9339],{"type":52,"attrs":9340},{"color":2480},{"text":9342,"type":45}," will depend on your individual circumstances. Consider these guidelines when deciding how many cards to sign up for:",{"type":102,"content":9344},[9345,9398,9443],{"type":105,"content":9346},[9347],{"type":41,"content":9348},[9349,9355,9358,9359,9367,9369,9377,9379,9383,9385,9389,9391,9396],{"text":9350,"type":45,"marks":9351},"Financial situation",[9352,9353],{"type":113},{"type":52,"attrs":9354},{"color":2480},{"text":2791,"type":45,"marks":9356},[9357],{"type":113},{"text":5374,"type":45},{"text":9360,"type":45,"marks":9361},"personal finance priorities",[9362,9365],{"type":125,"attrs":9363},{"href":9364,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/financial-priorities/",{"type":52,"attrs":9366},{"color":1474},{"text":9368,"type":45}," will be different if you’re, say, ",{"text":9370,"type":45,"marks":9371},"a new student with no credit history",[9372,9375],{"type":125,"attrs":9373},{"href":9374,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/help-your-child-build-credit/",{"type":52,"attrs":9376},{"color":1474},{"text":9378,"type":45}," versus a homeowner with ",{"text":3695,"type":45,"marks":9380},[9381],{"type":52,"attrs":9382},{"color":2480},{"text":9384,"type":45}," and significant debt. While both situations require credit-building efforts, the recommended approach will be different for each. If you’re just beginning to ",{"text":8779,"type":45,"marks":9386},[9387],{"type":52,"attrs":9388},{"color":2480},{"text":9390,"type":45},", you may want to start by applying for one credit card. However, if your low score is due to ",{"text":9392,"type":45,"marks":9393},"missed payments",[9394],{"type":52,"attrs":9395},{"color":2480},{"text":9397,"type":45}," or collections, make sure you’re on top of all existing payments before applying for any new credit.",{"type":105,"content":9399},[9400],{"type":41,"content":9401},[9402,9407,9410,9412,9416,9418,9422,9424,9428,9430,9434,9436,9441],{"text":9055,"type":45,"marks":9403},[9404,9405],{"type":113},{"type":52,"attrs":9406},{"color":2480},{"text":2482,"type":45,"marks":9408},[9409],{"type":113},{"text":9411,"type":45},"When you open ",{"text":9207,"type":45,"marks":9413},[9414],{"type":52,"attrs":9415},{"color":2480},{"text":9417,"type":45},", you immediately increase your cumulative ",{"text":9087,"type":45,"marks":9419},[9420],{"type":52,"attrs":9421},{"color":2480},{"text":9423,"type":45},". In theory, that lets you cover all your usual expenses but at a lower percentage of your total limit. This reduced ",{"text":9094,"type":45,"marks":9425},[9426],{"type":52,"attrs":9427},{"color":2480},{"text":9429,"type":45}," (CUR) could have a positive impact on your ",{"text":3164,"type":45,"marks":9431},[9432],{"type":52,"attrs":9433},{"color":2480},{"text":9435,"type":45},". If your ",{"text":9437,"type":45,"marks":9438},"credit utilization",[9439],{"type":52,"attrs":9440},{"color":2480},{"text":9442,"type":45}," is currently above 30%, applying for additional credit could be a smart move.",{"type":105,"content":9444},[9445],{"type":41,"content":9446},[9447,9451,9453,9457,9459,9464,9466,9471,9472,9480,9482,9487,9489,9494,9496,9501],{"text":9448,"type":45,"marks":9449},"Ability to manage credit:",[9450],{"type":113},{"text":9452,"type":45}," Simply having more credit cards does not guarantee that you’ll ",{"text":8779,"type":45,"marks":9454},[9455],{"type":52,"attrs":9456},{"color":2480},{"text":9458,"type":45}," faster. It’s more important to use your ",{"text":9460,"type":45,"marks":9461},"credit card accounts",[9462],{"type":52,"attrs":9463},{"color":2480},{"text":9465,"type":45}," responsibly. This means making on-time payments, keeping track of ",{"text":9467,"type":45,"marks":9468},"due dates",[9469],{"type":52,"attrs":9470},{"color":2480},{"text":4770,"type":45},{"text":9473,"type":45,"marks":9474},"paying off the full balance",[9475,9478],{"type":125,"attrs":9476},{"href":9477,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/debt-reduction-strategy/",{"type":52,"attrs":9479},{"color":1474},{"text":9481,"type":45}," each month. If you ",{"text":9483,"type":45,"marks":9484},"discover",[9485],{"type":52,"attrs":9486},{"color":2480},{"text":9488,"type":45}," you have a knack for juggling multiple cards successfully, having more than one card can be beneficial. But if you’re concerned about ",{"text":9490,"type":45,"marks":9491},"overspending",[9492],{"type":52,"attrs":9493},{"color":2480},{"text":9495,"type":45},", you may be better off with a ",{"text":9497,"type":45,"marks":9498},"single credit card",[9499],{"type":52,"attrs":9500},{"color":2480},{"text":1348,"type":45},{"type":56,"attrs":9503,"content":9504},{"level":87},[9505],{"text":9506,"type":45},"Can I apply for multiple credit cards at once?",{"type":41,"content":9508},[9509],{"text":9510,"type":45},"You can apply for and get approved for multiple credit cards at once, but be sure to consider these factors first.",{"type":56,"attrs":9512,"content":9513},{"level":2677},[9514,9516],{"text":9515,"type":45},"Impact on your ",{"text":3164,"type":45,"marks":9517},[9518],{"type":52,"attrs":9519},{"color":18},{"type":41,"content":9521},[9522,9524,9528,9530,9535,9537,9541,9543,9548,9550,9554,9556,9563,9564,9569,9571,9575],{"text":9523,"type":45},"Having several credit cards can positively impact your ",{"text":9094,"type":45,"marks":9525},[9526],{"type":52,"attrs":9527},{"color":2480},{"text":9529,"type":45},", but opening several credit cards at once isn’t always a good thing. ",{"text":9531,"type":45,"marks":9532},"Credit bureaus",[9533],{"type":52,"attrs":9534},{"color":2480},{"text":9536,"type":45}," may see this as a sign of overreliance on credit, or as an indicator of financial instability. That may make ",{"text":2935,"type":45,"marks":9538},[9539],{"type":52,"attrs":9540},{"color":2480},{"text":9542,"type":45}," reluctant to extend credit to you. Additionally, each time you apply for a credit card, the ",{"text":9544,"type":45,"marks":9545},"credit card issuer",[9546],{"type":52,"attrs":9547},{"color":2480},{"text":9549,"type":45}," pulls your ",{"text":3151,"type":45,"marks":9551},[9552],{"type":52,"attrs":9553},{"color":2480},{"text":9555,"type":45}," to check your creditworthiness. This triggers what’s called a ",{"text":9557,"type":45,"marks":9558},"”hard inquiry” on your report",[9559,9561],{"type":125,"attrs":9560},{"href":6356,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":9562},{"color":1474},{"text":3176,"type":45},{"text":9565,"type":45,"marks":9566},"Hard inquiries",[9567],{"type":52,"attrs":9568},{"color":2480},{"text":9570,"type":45}," could cause your ",{"text":3164,"type":45,"marks":9572},[9573],{"type":52,"attrs":9574},{"color":2480},{"text":9576,"type":45}," to dip temporarily.",{"type":56,"attrs":9578,"content":9579},{"level":2677},[9580],{"text":9581,"type":45},"Multiple rejections",{"type":41,"content":9583},[9584,9586,9590,9592,9596,9598,9603,9605,9609,9611,9615,9617,9621],{"text":9585,"type":45},"During the application review process, ",{"text":2935,"type":45,"marks":9587},[9588],{"type":52,"attrs":9589},{"color":2480},{"text":9591,"type":45}," assess factors like your income and ",{"text":2574,"type":45,"marks":9593},[9594],{"type":52,"attrs":9595},{"color":2480},{"text":9597,"type":45}," to determine your eligibility. Submitting multiple ",{"text":9599,"type":45,"marks":9600},"credit card applications",[9601],{"type":52,"attrs":9602},{"color":2480},{"text":9604,"type":45}," could increase your chances of being approved for at least one card. However, when applying for multiple credit cards at once, you run the risk of getting rejected multiple times. Frequent rejections in a short period could be a red flag for ",{"text":2935,"type":45,"marks":9606},[9607],{"type":52,"attrs":9608},{"color":2480},{"text":9610,"type":45}," who may see you as a risky ",{"text":4525,"type":45,"marks":9612},[9613],{"type":52,"attrs":9614},{"color":2480},{"text":9616,"type":45},". That could make it harder for you to get credit in the future. If you’ve just been rejected for a card, it’s best to work on improving your ",{"text":3164,"type":45,"marks":9618},[9619],{"type":52,"attrs":9620},{"color":2480},{"text":9622,"type":45}," before trying again.",{"type":56,"attrs":9624,"content":9625},{"level":2677},[9626],{"text":9627,"type":45},"Your ability to make payments",{"type":41,"content":9629},[9630,9632,9636,9638,9643,9645,9649,9651,9656,9658,9662],{"text":9631,"type":45},"You generally shouldn’t open ",{"text":9207,"type":45,"marks":9633},[9634],{"type":52,"attrs":9635},{"color":2480},{"text":9637,"type":45}," unless you can commit to responsible ",{"text":9639,"type":45,"marks":9640},"spending habits",[9641],{"type":52,"attrs":9642},{"color":2480},{"text":9644,"type":45},". Don’t look at a higher ",{"text":9317,"type":45,"marks":9646},[9647],{"type":52,"attrs":9648},{"color":2480},{"text":9650,"type":45}," as permission to spend more. Instead, focus on using new cards for regular, essential expenses and always pay your bill on time. It’s also best to pay the balance off in full, rather than just making the minimum required ",{"text":9652,"type":45,"marks":9653},"credit card payment",[9654],{"type":52,"attrs":9655},{"color":2480},{"text":9657,"type":45}," each month. This demonstrates responsible financial behavior. 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It connects ",{"text":4221,"type":45,"marks":10277},[10278],{"type":52,"attrs":10279},{"color":2480},{"text":10281,"type":45}," directly with individual investors.",{"type":56,"attrs":10283,"content":10284},{"level":87},[10285,10290],{"text":10286,"type":45,"marks":10287},"Marketplace loans",[10288],{"type":52,"attrs":10289},{"color":2480},{"text":10291,"type":45}," vs. traditional loans",{"type":41,"content":10293},[10294,10298],{"text":10084,"type":45,"marks":10295},[10296],{"type":52,"attrs":10297},{"color":2480},{"text":10299,"type":45}," differs from traditional lending in a few key ways.",{"type":41},{"type":102,"content":10302},[10303,10351,10389,10441],{"type":105,"content":10304},[10305,10350],{"type":41,"content":10306},[10307,10311,10313,10318,10319,10323,10325,10329,10331,10335,10337,10342,10344,10348],{"text":10308,"type":45,"marks":10309},"Efficiency and transparency:",[10310],{"type":113},{"text":10312,"type":45}," With ",{"text":10314,"type":45,"marks":10315},"traditional banking",[10316],{"type":52,"attrs":10317},{"color":2480},{"text":1722,"type":45},{"text":4221,"type":45,"marks":10320},[10321],{"type":52,"attrs":10322},{"color":2480},{"text":10324,"type":45}," must contact each ",{"text":8131,"type":45,"marks":10326},[10327],{"type":52,"attrs":10328},{"color":2480},{"text":10330,"type":45}," separately and fill out individual prequalification forms. This can take serious time and effort. But with an online marketplace, ",{"text":4221,"type":45,"marks":10332},[10333],{"type":52,"attrs":10334},{"color":2480},{"text":10336,"type":45}," only have to fill out a single form. Within seconds, the platform’s ",{"text":10338,"type":45,"marks":10339},"algorithm",[10340],{"type":52,"attrs":10341},{"color":2480},{"text":10343,"type":45}," will present you with all the ",{"text":5257,"type":45,"marks":10345},[10346],{"type":52,"attrs":10347},{"color":2480},{"text":10349,"type":45}," for which you prequalify.",{"type":41},{"type":105,"content":10352},[10353,10388],{"type":41,"content":10354},[10355,10359,10361,10368,10370,10374,10376,10380,10382,10386],{"text":10356,"type":45,"marks":10357},"Inclusive funding opportunities: ",[10358],{"type":113},{"text":10360,"type":45},"If you have a ",{"text":10362,"type":45,"marks":10363},"sub-par credit score",[10364,10366],{"type":125,"attrs":10365},{"href":6236,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":10367},{"color":1474},{"text":10369,"type":45}," or a choppy financial history, it can be tough to get a loan from a traditional ",{"text":2555,"type":45,"marks":10371},[10372],{"type":52,"attrs":10373},{"color":2480},{"text":10375,"type":45},". With an online marketplace, however, you can quickly sort for loan ",{"text":6793,"type":45,"marks":10377},[10378],{"type":52,"attrs":10379},{"color":2480},{"text":10381,"type":45}," willing to work with ",{"text":4221,"type":45,"marks":10383},[10384],{"type":52,"attrs":10385},{"color":2480},{"text":10387,"type":45}," like you.",{"type":41},{"type":105,"content":10390},[10391,10440],{"type":41,"content":10392},[10393,10397,10399,10403,10405,10410,10411,10415,10416,10420,10422,10427,10429,10433,10434,10438],{"text":10394,"type":45,"marks":10395},"Range of loan options: ",[10396],{"type":113},{"text":10398,"type":45},"With a lending marketplace, you’ll have access to all kinds of ",{"text":2935,"type":45,"marks":10400},[10401],{"type":52,"attrs":10402},{"color":2480},{"text":10404,"type":45},". 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As a result, you’ll have a wider range of ",{"text":3576,"type":45,"marks":10430},[10431],{"type":52,"attrs":10432},{"color":2480},{"text":2489,"type":45},{"text":4246,"type":45,"marks":10435},[10436],{"type":52,"attrs":10437},{"color":2480},{"text":10439,"type":45}," to choose from.",{"type":41},{"type":105,"content":10442},[10443],{"type":41,"content":10444},[10445,10449,10451,10456,10457,10465,10467,10471,10473,10477,10479,10483,10485],{"text":10446,"type":45,"marks":10447},"Costs and fees: ",[10448],{"type":113},{"text":10450,"type":45},"Traditional loans, especially from brick-and-mortar ",{"text":10452,"type":45,"marks":10453},"banks",[10454],{"type":52,"attrs":10455},{"color":2480},{"text":1722,"type":45},{"text":10458,"type":45,"marks":10459},"can be more expensive",[10460,10463],{"type":125,"attrs":10461},{"href":10462,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.thebalancemoney.com/online-loans-315614",{"type":52,"attrs":10464},{"color":1474},{"text":10466,"type":45}," than online loans. That’s because traditional financial services institutions often have high administrative costs to cover. ",{"text":10084,"type":45,"marks":10468},[10469],{"type":52,"attrs":10470},{"color":2480},{"text":10472,"type":45},", on the other hand, can help you find online ",{"text":2935,"type":45,"marks":10474},[10475],{"type":52,"attrs":10476},{"color":2480},{"text":10478,"type":45}," with low-cost operations. As a result, you’ll likely find more affordable options through a marketplace than you’d find through traditional ",{"text":2935,"type":45,"marks":10480},[10481],{"type":52,"attrs":10482},{"color":2480},{"text":10484,"type":45}," alone.",{"text":2697,"type":45,"marks":10486},[10487],{"type":52,"attrs":10488},{"color":18},{"type":56,"attrs":10490,"content":10491},{"level":87},[10492,10494],{"text":10493,"type":45},"The pros and cons of ",{"text":10077,"type":45,"marks":10495},[10496],{"type":52,"attrs":10497},{"color":2480},{"type":41,"content":10499},[10500,10502,10506,10507,10511],{"text":10501,"type":45},"The pros of ",{"text":10077,"type":45,"marks":10503},[10504],{"type":52,"attrs":10505},{"color":2480},{"text":3439,"type":45},{"text":4221,"type":45,"marks":10508},[10509],{"type":52,"attrs":10510},{"color":2480},{"text":10512,"type":45}," include:",{"type":41},{"type":102,"content":10515},[10516,10540,10560,10580],{"type":105,"content":10517},[10518],{"type":41,"content":10519},[10520,10524,10526,10534,10535,10539],{"text":10521,"type":45,"marks":10522},"More options: ",[10523],{"type":113},{"text":10525,"type":45},"If you’ve had a hard time getting loans from traditional banks — either due to a low credit score or to biases in the financial industry — you may be more likely to ",{"text":10527,"type":45,"marks":10528},"find more affordable funding",[10529,10532],{"type":125,"attrs":10530},{"href":10531,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/how-to-get-a-loan-with-bad-credit/",{"type":52,"attrs":10533},{"color":1474},{"text":7522,"type":45},{"text":10120,"type":45,"marks":10536},[10537],{"type":52,"attrs":10538},{"color":2480},{"text":1348,"type":45},{"type":105,"content":10541},[10542],{"type":41,"content":10543},[10544,10548,10552,10554,10558],{"text":10545,"type":45,"marks":10546},"Speed of processing: ",[10547],{"type":113},{"text":10084,"type":45,"marks":10549},[10550],{"type":52,"attrs":10551},{"color":2480},{"text":10553,"type":45}," is so streamlined that you could prequalify for loans, compare options, complete the ",{"text":4307,"type":45,"marks":10555},[10556],{"type":52,"attrs":10557},{"color":2480},{"text":10559,"type":45},", and receive your funds all within a few business days.",{"type":105,"content":10561},[10562],{"type":41,"content":10563},[10564,10568,10572,10574,10578],{"text":10565,"type":45,"marks":10566},"Lower rates, better terms: ",[10567],{"type":113},{"text":10084,"type":45,"marks":10569},[10570],{"type":52,"attrs":10571},{"color":2480},{"text":10573,"type":45}," creates competition among ",{"text":2935,"type":45,"marks":10575},[10576],{"type":52,"attrs":10577},{"color":2480},{"text":10579,"type":45},", incentivizing them to offer lower rates and better repayment terms to attract customers.",{"type":105,"content":10581},[10582],{"type":41,"content":10583},[10584,10588,10590,10595],{"text":10585,"type":45,"marks":10586},"Smaller loans:",[10587],{"type":113},{"text":10589,"type":45}," You’re more likely to be able to apply for ",{"text":10591,"type":45,"marks":10592},"loan funding",[10593],{"type":52,"attrs":10594},{"color":2480},{"text":10596,"type":45}," amounts of less than $10,000 through an online marketplace.",{"type":41},{"type":41,"content":10599},[10600,10602,10606,10607,10611],{"text":10601,"type":45},"The cons of ",{"text":10077,"type":45,"marks":10603},[10604],{"type":52,"attrs":10605},{"color":2480},{"text":3439,"type":45},{"text":4221,"type":45,"marks":10608},[10609],{"type":52,"attrs":10610},{"color":2480},{"text":10512,"type":45},{"type":41},{"type":102,"content":10614},[10615,10636,10674],{"type":105,"content":10616},[10617],{"type":41,"content":10618},[10619,10623,10625,10629,10631,10635],{"text":10620,"type":45,"marks":10621},"Limited personal support: ",[10622],{"type":113},{"text":10624,"type":45},"While ",{"text":10077,"type":45,"marks":10626},[10627],{"type":52,"attrs":10628},{"color":2480},{"text":10630,"type":45}," is fast and efficient, the online interface means there’s no opportunity for face-to-face help. If you have a unique situation or need someone to talk you through the various loan options, you may prefer to work with a traditional ",{"text":2555,"type":45,"marks":10632},[10633],{"type":52,"attrs":10634},{"color":2480},{"text":1348,"type":45},{"type":105,"content":10637},[10638],{"type":41,"content":10639},[10640,10644,10646,10651,10653,10657,10659,10664,10666,10673],{"text":10641,"type":45,"marks":10642},"Unclear fees and charges:",[10643],{"type":113},{"text":10645,"type":45}," While ",{"text":10647,"type":45,"marks":10648},"marketplace lending platforms",[10649],{"type":52,"attrs":10650},{"color":2480},{"text":10652,"type":45}," are typically free to use, individual ",{"text":2935,"type":45,"marks":10654},[10655],{"type":52,"attrs":10656},{"color":2480},{"text":10658,"type":45}," have different fee structures. You’ll still have to examine each one to understand what you could end up paying in ",{"text":10660,"type":45,"marks":10661},"origination",[10662],{"type":52,"attrs":10663},{"color":2480},{"text":10665,"type":45}," fees, late fees, and ",{"text":6700,"type":45,"marks":10667},[10668,10671],{"type":125,"attrs":10669},{"href":10670,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/#:~:text=A%20prepayment%20penalty%20is%20a,mortgages%20have%20a%20prepayment%20penalty.",{"type":52,"attrs":10672},{"color":1474},{"text":1348,"type":45},{"type":105,"content":10675},[10676],{"type":41,"content":10677},[10678,10682,10683,10687,10689,10693,10695,10703],{"text":10679,"type":45,"marks":10680},"Potential for predatory lending:",[10681],{"type":113},{"text":223,"type":45},{"text":10084,"type":45,"marks":10684},[10685],{"type":52,"attrs":10686},{"color":2480},{"text":10688,"type":45}," is a relatively new industry. That means there’s still some room for bad actors to sneak in. 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If you have a ",{"text":6637,"type":45,"marks":10742},[10743,10746],{"type":125,"attrs":10744},{"href":10745,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.cnbc.com/select/what-is-a-bad-credit-score/",{"type":52,"attrs":10747},{"color":1474},{"text":10749,"type":45},", however, ",{"text":10077,"type":45,"marks":10751},[10752],{"type":52,"attrs":10753},{"color":2480},{"text":10755,"type":45}," may be able to provide you with better options. That’s because some online ",{"text":2935,"type":45,"marks":10757},[10758],{"type":52,"attrs":10759},{"color":2480},{"text":10761,"type":45}," are willing to consider alternative measures of ",{"text":3171,"type":45,"marks":10763},[10764],{"type":52,"attrs":10765},{"color":2480},{"text":10767,"type":45}," beyond your FICO score during the ",{"text":10769,"type":45,"marks":10770},"underwriting",[10771],{"type":52,"attrs":10772},{"color":2480},{"text":10774,"type":45}," process.",{"text":2795,"type":45,"marks":10776},[10777],{"type":52,"attrs":10778},{"color":18},{"type":6472},{"type":6472},{"type":105,"content":10782},[10783],{"type":41,"content":10784},[10785,10791,10794,10796,10804,10806,10811,10813,10814],{"text":10786,"type":45,"marks":10787},"Interest rates",[10788,10789],{"type":113},{"type":52,"attrs":10790},{"color":2480},{"text":2482,"type":45,"marks":10792},[10793],{"type":113},{"text":10795,"type":45},"Before you begin your loan search, take a look at ",{"text":10797,"type":45,"marks":10798},"federal reserve interest rates",[10799,10802],{"type":125,"attrs":10800},{"href":10801,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.fool.com/the-ascent/federal-reserve-interest-rates/",{"type":52,"attrs":10803},{"color":1474},{"text":10805,"type":45}," to get a benchmark idea of national rate trends. Compare this benchmark to what ",{"text":10807,"type":45,"marks":10808},"marketplace lenders",[10809],{"type":52,"attrs":10810},{"color":2480},{"text":10812,"type":45}," are offering to make sure you’re getting a fair rate. (Keep in mind that if you have a low credit score, your rate offers may be well above the federal reserve rate.) ",{"type":6472},{"type":6472},{"type":105,"content":10816},[10817],{"type":41,"content":10818},[10819,10823,10825,10829,10831,10832],{"text":10820,"type":45,"marks":10821},"Personal finances: ",[10822],{"type":113},{"text":10824,"type":45},"Any time you consider taking on debt, take a hard look at your finances. Make sure you can afford the ",{"text":3598,"type":45,"marks":10826},[10827],{"type":52,"attrs":10828},{"color":2480},{"text":10830,"type":45}," on your new loan. 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Is it right for you? Learn more about how it works here.","c83d7eac-9cdd-4b6c-920c-2aa57fcc60d7",[11157,11168,12309],{"id":2424,"_uid":11158,"image":11159,"intro":11160,"author":2427,"classes":11161,"category":18,"featured":28,"blogTitle":11144,"component":2445,"imageLink":11165,"blendImage":28,"authorRoute":30,"publishedDate":11166,"backgroundColor":29,"_editable":11167},"5e5cc6f5-6c4d-4230-8cd6-ec1090fbe83b","//a.storyblok.com/f/110029/6000x4000/a5a7276a21/credit-card-refinancing.jpeg","Credit card refinancing can help you save money on interest and simplify your monthly payments. That said, it’s not without its potential drawbacks. 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That said, it’s not without its potential drawbacks. Here’s what you need to know before you open a new line of credit to pay off an old one. ",[11192],{"type":52,"attrs":11193},{"color":54},{"type":56,"attrs":11195,"content":11196},{"level":87},[11197],{"text":4152,"type":45,"marks":11198},[11199,11200],{"type":113},{"type":52,"attrs":11201},{"color":54},{"type":102,"content":11203},[11204,11213,11233],{"type":105,"content":11205},[11206],{"type":41,"content":11207},[11208],{"text":11209,"type":45,"marks":11210},"If you’re overwhelmed with credit card debt, refinancing can help you consolidate and simplify your payments. ",[11211],{"type":52,"attrs":11212},{"color":54},{"type":105,"content":11214},[11215],{"type":41,"content":11216},[11217,11222,11228],{"text":11218,"type":45,"marks":11219},"Credit card refinancing can help you secure a lower interest rate on your debt, saving you money in the long run",[11220],{"type":52,"attrs":11221},{"color":128},{"text":1243,"type":45,"marks":11223},[11224,11226],{"type":48,"attrs":11225},{"class":1247},{"type":52,"attrs":11227},{"color":128},{"text":11229,"type":45,"marks":11230},". ",[11231],{"type":52,"attrs":11232},{"color":128},{"type":105,"content":11234},[11235],{"type":41,"content":11236},[11237],{"text":11238,"type":45,"marks":11239},"Two of the most popular ways to refinance credit card debt: through a credit card consolidation loan, or by taking out a balance transfer card. ",[11240],{"type":52,"attrs":11241},{"color":128},{"type":56,"attrs":11243,"content":11244},{"level":87},[11245],{"text":11246,"type":45,"marks":11247},"What is credit card refinancing? ",[11248,11249],{"type":113},{"type":52,"attrs":11250},{"color":54},{"type":41,"content":11252},[11253,11258,11262,11266],{"text":11254,"type":45,"marks":11255},"Credit card refinancing involves opening a new line of credit to pay off an old one. If your new line of credit has a lower interest rate than your old one, you could save hundreds if not thousands of dollars in interest payments over the life of your debt. ",[11256],{"type":52,"attrs":11257},{"color":54},{"type":6472,"marks":11259},[11260],{"type":52,"attrs":11261},{"color":128},{"type":6472,"marks":11263},[11264],{"type":52,"attrs":11265},{"color":128},{"text":11267,"type":45,"marks":11268},"Since most credit cards come with traditionally high interest rates, it’s usually advisable to refinance with a lower-interest option, like a personal loan. When you refinance, all your debt is consolidated into a single new loan with a single new payment. This can also help reduce overwhelm and allow you to pay down your debt faster over time. ",[11269],{"type":52,"attrs":11270},{"color":128},{"type":56,"attrs":11272,"content":11273},{"level":87},[11274],{"text":11275,"type":45,"marks":11276},"Benefits of refinancing credit card debt",[11277,11278],{"type":113},{"type":52,"attrs":11279},{"color":54},{"type":41,"content":11281},[11282],{"text":11283,"type":45,"marks":11284},"Credit card refinancing can help you get out of debt and reach your financial goals faster. Here are a few of the most significant advantages.  ",[11285],{"type":52,"attrs":11286},{"color":54},{"type":56,"attrs":11288,"content":11289},{"level":2677},[11290],{"text":11291,"type":45,"marks":11292},"You can lower your interest rate",[11293],{"type":52,"attrs":11294},{"color":54},{"type":41,"content":11296},[11297],{"text":11298,"type":45,"marks":11299},"Refinancing credit card debt can help you secure a lower interest rate. Especially now, with the Federal Reserve raising interest rates to combat inflation, your savings could be substantial. ",[11300],{"type":52,"attrs":11301},{"color":54},{"type":41,"content":11303},[11304,11309,11318,11323,11332,11337,11341,11345],{"text":11305,"type":45,"marks":11306},"In recent years, the average credit card interest rate has ",[11307],{"type":52,"attrs":11308},{"color":54},{"text":11310,"type":45,"marks":11311},"topped 20%",[11312,11315,11317],{"type":125,"attrs":11313},{"href":11314,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.businessinsider.com/personal-finance/average-credit-card-interest-rate?r=US&IR=T",{"type":52,"attrs":11316},{"color":128},{"type":134},{"text":11319,"type":45,"marks":11320},", according to Federal Reserve data. Personal loans, however, currently have rates hovering ",[11321],{"type":52,"attrs":11322},{"color":128},{"text":11324,"type":45,"marks":11325},"around 10%",[11326,11329,11331],{"type":125,"attrs":11327},{"href":11328,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.experian.com/blogs/ask-experian/whats-a-good-interest-rate-for-a-personal-loan/",{"type":52,"attrs":11330},{"color":128},{"type":134},{"text":11333,"type":45,"marks":11334},". By refinancing your debt to a lower rate now, you could save thousands of dollars in interest charges, particularly if you have a large balance. ",[11335],{"type":52,"attrs":11336},{"color":128},{"type":6472,"marks":11338},[11339],{"type":52,"attrs":11340},{"color":128},{"type":6472,"marks":11342},[11343],{"type":52,"attrs":11344},{"color":128},{"text":11346,"type":45,"marks":11347},"Some financial institutions even offer balance transfer cards with 0% APR (annual percentage rate) for the first 12 or 18 months. That can help you get a jump start on paying down your debt. ",[11348],{"type":52,"attrs":11349},{"color":128},{"type":56,"attrs":11351,"content":11352},{"level":2677},[11353],{"text":11354,"type":45,"marks":11355},"You’ll pay down debt faster",[11356],{"type":52,"attrs":11357},{"color":54},{"type":41,"content":11359},[11360],{"text":11361,"type":45,"marks":11362},"If you refinance your credit card debt to a lower interest rate—but keep your monthly payment amount the same—a higher percentage of each payment goes toward your actual loan balance instead of just toward your interest charges. That can help you pay down your debt more aggressively. Refinancing can also allow you to change the loan term. If you switch to a shorter term, you may pay higher monthly payments, but you’ll get out of debt faster. ",[11363],{"type":52,"attrs":11364},{"color":54},{"type":56,"attrs":11366,"content":11367},{"level":2677},[11368],{"text":11369,"type":45,"marks":11370},"You’ll improve your credit",[11371],{"type":52,"attrs":11372},{"color":54},{"type":41,"content":11374},[11375,11380,11389,11394,11398,11402,11407,11409,11413,11418,11427],{"text":11376,"type":45,"marks":11377},"A major benefit of refinancing your credit card debt is that it can help you pay off your debts faster. Over time, this will decrease your credit utilization ratio, which can therefore help ",[11378],{"type":52,"attrs":11379},{"color":54},{"text":11381,"type":45,"marks":11382},"improve your creditworthiness",[11383,11386,11388],{"type":125,"attrs":11384},{"href":11385,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.credit.com/credit-repair/how-to-improve-credit-score/",{"type":52,"attrs":11387},{"color":128},{"type":134},{"text":11390,"type":45,"marks":11391},". Of course, this is conditional on you making on-time payments and not racking up more debt—including new credit card bills—post-refinance.",[11392],{"type":52,"attrs":11393},{"color":128},{"type":6472,"marks":11395},[11396],{"type":52,"attrs":11397},{"color":128},{"type":6472,"marks":11399},[11400],{"type":52,"attrs":11401},{"color":128},{"text":11403,"type":45,"marks":11404},"Do note, however, that your credit score may temporarily dip just after you refinance. This is due to ",[11405],{"type":52,"attrs":11406},{"color":128},{"text":11408,"type":45},"the ",{"text":6900,"type":45,"marks":11410},[11411],{"type":125,"attrs":11412},{"href":6356,"uuid":128,"anchor":128,"target":129,"linktype":130},{"text":11414,"type":45,"marks":11415}," your new lender will have to perform to approve you for the new loan. This dip will usually be ",[11416],{"type":52,"attrs":11417},{"color":128},{"text":11419,"type":45,"marks":11420},"just a few points",[11421,11424,11426],{"type":125,"attrs":11422},{"href":11423,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.experian.com/blogs/ask-experian/heres-how-refinancing-affects-your-credit/",{"type":52,"attrs":11425},{"color":128},{"type":134},{"text":11428,"type":45,"marks":11429},", and your credit score will soon recover.",[11430],{"type":52,"attrs":11431},{"color":128},{"type":56,"attrs":11433,"content":11434},{"level":2677},[11435],{"text":11436,"type":45,"marks":11437},"You can consolidate multiple credit cards into one loan",[11438],{"type":52,"attrs":11439},{"color":54},{"type":41,"content":11441},[11442],{"text":11443,"type":45,"marks":11444},"Refinancing lets you consolidate multiple lines of credit into a single new balance. When all your debt is in one place, you don’t have to scramble to keep on top of multiple monthly bills. This can reduce stress, help you stay organized, and make you less likely to miss a payment. ",[11445],{"type":52,"attrs":11446},{"color":54},{"type":41,"content":11448},[11449],{"text":11450,"type":45,"marks":11451},"When you refinance through a personal loan, you’ll also get a fixed monthly payment and a fixed payment term. These set, predictable numbers can make it easier to budget each month. ",[11452],{"type":52,"attrs":11453},{"color":54},{"type":56,"attrs":11455,"content":11456},{"level":87},[11457],{"text":11458,"type":45,"marks":11459},"Two common methods of credit card refinancing ",[11460,11461],{"type":113},{"type":52,"attrs":11462},{"color":54},{"type":41,"content":11464},[11465],{"text":11466,"type":45,"marks":11467},"There are two popular methods for refinancing credit card debt: personal loans and balance transfer cards. Let’s talk about each. ",[11468],{"type":52,"attrs":11469},{"color":54},{"type":56,"attrs":11471,"content":11472},{"level":2677},[11473],{"text":11474,"type":45,"marks":11475},"Using a personal loan for credit card refinancing ",[11476,11477],{"type":113},{"type":52,"attrs":11478},{"color":54},{"type":41,"content":11480},[11481,11486,11493],{"text":11482,"type":45,"marks":11483},"If you’ve been making your credit card payments on time and have a good credit score, you can take out a debt consolidation loan. This is a type of ",[11484],{"type":52,"attrs":11485},{"color":54},{"text":3914,"type":45,"marks":11487},[11488,11490,11492],{"type":125,"attrs":11489},{"href":6020,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":11491},{"color":128},{"type":134},{"text":11494,"type":45,"marks":11495},". Through it, you can borrow a single lump sum and use that money to pay off your credit cards as well as other types of debt. Afterward, you’ll be left with a single new payment, likely with a lower interest rate. ",[11496],{"type":52,"attrs":11497},{"color":128},{"type":41,"content":11499},[11500,11505,11514],{"text":11501,"type":45,"marks":11502},"To qualify for those lower loan rates, you’ll typically need a credit score of ",[11503],{"type":52,"attrs":11504},{"color":128},{"text":11506,"type":45,"marks":11507},"670 or higher",[11508,11511,11513],{"type":125,"attrs":11509},{"href":11510,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.debt.org/credit/cards/refinancing/",{"type":52,"attrs":11512},{"color":128},{"type":134},{"text":11515,"type":45,"marks":11516},". Some lenders may also charge origination fees for taking out the loan. These fees are usually negligible: if you’re able to get an affordable fixed-rate loan, you’ll save that much (and more) in interest charges over the life of the loan.  ",[11517],{"type":52,"attrs":11518},{"color":128},{"type":56,"attrs":11520,"content":11521},{"level":2914},[11522],{"text":11523,"type":45,"marks":11524},"What to look for in a credit card debt consolidation loan ",[11525,11526],{"type":113},{"type":52,"attrs":11527},{"color":54},{"type":41,"content":11529},[11530,11535,11544,11549,11553,11557],{"text":11531,"type":45,"marks":11532},"Before you take out a personal loan, shop around and compare lenders. This will give you a better idea of the ",[11533],{"type":52,"attrs":11534},{"color":54},{"text":11536,"type":45,"marks":11537},"best personal loan",[11538,11541,11543],{"type":125,"attrs":11539},{"href":11540,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.cnbc.com/select/best-personal-loans/",{"type":52,"attrs":11542},{"color":128},{"type":134},{"text":11545,"type":45,"marks":11546}," offers available to you. ",[11547],{"type":52,"attrs":11548},{"color":128},{"type":6472,"marks":11550},[11551],{"type":52,"attrs":11552},{"color":128},{"type":6472,"marks":11554},[11555],{"type":52,"attrs":11556},{"color":128},{"text":11558,"type":45,"marks":11559},"Each lender has a different fee structure, repayment terms, and interest rate offerings. Look for lenders who advertise low or no fees and flexible repayment terms. Some lenders will penalize you if you pay off your loan ahead of schedule, so keep an eye out for prepayment penalties if this is an option you’d like to have. Also be sure to do a little research on each financial institution; some have more intuitive websites, easier-to-navigate billing software, and better customer service than others. ",[11560],{"type":52,"attrs":11561},{"color":128},{"type":56,"attrs":11563,"content":11564},{"level":2914},[11565],{"text":11566,"type":45,"marks":11567},"Pros of debt consolidation loans ",[11568,11569],{"type":113},{"type":52,"attrs":11570},{"color":54},{"type":41,"content":11572},[11573],{"text":11574,"type":45,"marks":11575},"Taking out a personal loan to consolidate your credit card debt can be a great option for many borrowers. Here are some benefits to consider. ",[11576],{"type":52,"attrs":11577},{"color":54},{"type":1509,"attrs":11579,"content":11581},{"order":11580},{"order":58},[11582,11597,11612,11627,11642],{"type":105,"content":11583},[11584],{"type":41,"content":11585},[11586,11592],{"text":11587,"type":45,"marks":11588},"Streamlined debt management: ",[11589,11590],{"type":113},{"type":52,"attrs":11591},{"color":54},{"text":11593,"type":45,"marks":11594},"If you have a large balance, a debt consolidation loan can help you get organized and stay on track with your payments. After you refinance, you’ll only have one payment each month instead of multiple due dates for various credit card accounts. ",[11595],{"type":52,"attrs":11596},{"color":128},{"type":105,"content":11598},[11599],{"type":41,"content":11600},[11601,11607],{"text":11602,"type":45,"marks":11603},"Easy application process:",[11604,11605],{"type":113},{"type":52,"attrs":11606},{"color":128},{"text":11608,"type":45,"marks":11609}," Personal loans are easy to apply for. If you qualify, online lenders will typically approve your application and deposit the funds directly into your bank account within one to three business days.",[11610],{"type":52,"attrs":11611},{"color":128},{"type":105,"content":11613},[11614],{"type":41,"content":11615},[11616,11622],{"text":11617,"type":45,"marks":11618},"Lower monthly payments: ",[11619,11620],{"type":113},{"type":52,"attrs":11621},{"color":128},{"text":11623,"type":45,"marks":11624},"Refinancing can help you secure a lower monthly payment, both by reducing your interest rate and by giving you the option to extend your repayment period. ",[11625],{"type":52,"attrs":11626},{"color":128},{"type":105,"content":11628},[11629],{"type":41,"content":11630},[11631,11637],{"text":11632,"type":45,"marks":11633},"Big savings: ",[11634,11635],{"type":113},{"type":52,"attrs":11636},{"color":128},{"text":11638,"type":45,"marks":11639},"Getting a personal loan is also a great way to lower your interest rate, which can save you money over the life of the loan. And unlike with credit cards, your interest won’t compound and add to the balance. ",[11640],{"type":52,"attrs":11641},{"color":128},{"type":105,"content":11643},[11644,11657],{"type":41,"content":11645},[11646,11652],{"text":11647,"type":45,"marks":11648},"No collateral required: ",[11649,11650],{"type":113},{"type":52,"attrs":11651},{"color":128},{"text":11653,"type":45,"marks":11654},"The best personal loans are unsecured, which means there’s no collateral required to take out the loan. That means you won’t have to worry about putting your house or car at risk if you fail to make a payment. ",[11655],{"type":52,"attrs":11656},{"color":128},{"type":41,"content":11658},[11659],{"text":11660,"type":45},"  ",{"type":41},{"type":56,"attrs":11663,"content":11664},{"level":2914},[11665],{"text":11666,"type":45,"marks":11667},"Cons of debt consolidation loans ",[11668,11669],{"type":113},{"type":52,"attrs":11670},{"color":54},{"type":41,"content":11672},[11673],{"text":11674,"type":45,"marks":11675},"Taking out a personal loan to consolidate your debt isn’t for everyone. Here are a few potential drawbacks. ",[11676],{"type":52,"attrs":11677},{"color":54},{"type":1509,"attrs":11679,"content":11681},{"order":11680},{"order":58},[11682,11697,11712],{"type":105,"content":11683},[11684],{"type":41,"content":11685},[11686,11692],{"text":11687,"type":45,"marks":11688},"Disproportionate fees for small balances: ",[11689,11690],{"type":113},{"type":52,"attrs":11691},{"color":54},{"text":11693,"type":45,"marks":11694},"If you only have a small amount of credit card debt, you may end up paying more in fees than you’ll save in interest charges. For that reason, personal loans are not the best choice for short-term or small loans. ",[11695],{"type":52,"attrs":11696},{"color":128},{"type":105,"content":11698},[11699],{"type":41,"content":11700},[11701,11707],{"text":11702,"type":45,"marks":11703},"Strict credit requirements: ",[11704,11705],{"type":113},{"type":52,"attrs":11706},{"color":128},{"text":11708,"type":45,"marks":11709},"If you don’t have the best credit score, you may not qualify for a personal loan. And if you don’t have a score above 700, you may end up with a higher interest rate than you might have hoped.",[11710],{"type":52,"attrs":11711},{"color":128},{"type":105,"content":11713},[11714],{"type":41,"content":11715},[11716,11722],{"text":11717,"type":45,"marks":11718},"Impact to your credit score: ",[11719,11720],{"type":113},{"type":52,"attrs":11721},{"color":128},{"text":11723,"type":45,"marks":11724},"When you take out a debt consolidation or personal loan, this will trigger a hard credit inquiry, which will show up on your credit report. This can have a negative short-term impact on your credit score. ",[11725],{"type":52,"attrs":11726},{"color":128},{"type":56,"attrs":11728,"content":11729},{"level":2677},[11730],{"text":11731,"type":45,"marks":11732},"Using a balance transfer for credit card refinancing ",[11733,11734],{"type":113},{"type":52,"attrs":11735},{"color":54},{"type":41,"content":11737},[11738,11743,11747,11751],{"text":11739,"type":45,"marks":11740},"If you have a small outstanding credit card balance that you expect to pay off within a year or two, a balance transfer credit card can be a great option. When you open up a balance transfer card, you can move all your existing credit card balances to the new card, which will often have a lower interest rate than your previous cards. ",[11741],{"type":52,"attrs":11742},{"color":54},{"type":6472,"marks":11744},[11745],{"type":52,"attrs":11746},{"color":128},{"type":6472,"marks":11748},[11749],{"type":52,"attrs":11750},{"color":128},{"text":11752,"type":45,"marks":11753},"Better yet, balance transfer credit cards frequently offer 0% APR for the first 12 to 18 months. So, if you pay off your debt within this period, you’ll pay no interest and all. Note that balance transfer cards aren’t the best strategy for large debts, as you can only transfer balances up to your credit limit. ",[11754],{"type":52,"attrs":11755},{"color":128},{"type":56,"attrs":11757,"content":11758},{"level":2914},[11759],{"text":11760,"type":45,"marks":11761},"What to look for in a balance transfer card ",[11762,11763],{"type":113},{"type":52,"attrs":11764},{"color":54},{"type":41,"content":11766},[11767,11771,11780],{"text":3433,"type":45,"marks":11768},[11769],{"type":52,"attrs":11770},{"color":54},{"text":11772,"type":45,"marks":11773},"best balance transfer cards",[11774,11777,11779],{"type":125,"attrs":11775},{"href":11776,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.nerdwallet.com/best/credit-cards/balance-transfer",{"type":52,"attrs":11778},{"color":128},{"type":134},{"text":11781,"type":45,"marks":11782}," offer a 0% introductory APR for at least the first 12 months after you open the card. Others provide this low rate for 18 months or even longer. ",[11783],{"type":52,"attrs":11784},{"color":128},{"type":41,"content":11786},[11787,11792,11796,11800],{"text":11788,"type":45,"marks":11789},"Note that you may have to meet certain conditions to get a card issuer’s lowest rates. For example, you may need to make your first balance transfer within the first 45 days of account opening to secure that enticing zero-APR offer. ",[11790],{"type":52,"attrs":11791},{"color":54},{"type":6472,"marks":11793},[11794],{"type":52,"attrs":11795},{"color":128},{"type":6472,"marks":11797},[11798],{"type":52,"attrs":11799},{"color":128},{"text":11801,"type":45,"marks":11802},"Before you open a balance transfer card, be sure to read the fine print. Look for card issuers that offer longer introductory periods with few conditions. Also be sure to compare interest rates. If your new card’s normal interest rates are high and you don’t pay off your debt before the end of the introductory period, you could end up in a worse situation than you started in. ",[11803],{"type":52,"attrs":11804},{"color":128},{"type":56,"attrs":11806,"content":11807},{"level":2914},[11808],{"text":11809,"type":45,"marks":11810},"Pros of balance transfer cards",[11811,11812],{"type":113},{"type":52,"attrs":11813},{"color":54},{"type":41,"content":11815},[11816],{"text":11817,"type":45,"marks":11818},"Balance transfer cards can be a great choice for borrowers with small balances as well as those who are prepared to pay off their debts fast.",[11819],{"type":52,"attrs":11820},{"color":54},{"type":1509,"attrs":11822,"content":11824},{"order":11823},{"order":58},[11825,11840,11855,11870],{"type":105,"content":11826},[11827],{"type":41,"content":11828},[11829,11835],{"text":11830,"type":45,"marks":11831},"Significant savings: ",[11832,11833],{"type":113},{"type":52,"attrs":11834},{"color":54},{"text":11836,"type":45,"marks":11837},"Many balance transfer cards offer an introductory 0% APR, which can save you hundreds of dollars in interest charges. ",[11838],{"type":52,"attrs":11839},{"color":128},{"type":105,"content":11841},[11842],{"type":41,"content":11843},[11844,11850],{"text":11845,"type":45,"marks":11846},"Faster debt repayment: ",[11847,11848],{"type":113},{"type":52,"attrs":11849},{"color":128},{"text":11851,"type":45,"marks":11852},"With 0% APR, your entire monthly payment goes toward paying off your principal. This can accelerate your progress toward a debt-free future. ",[11853],{"type":52,"attrs":11854},{"color":128},{"type":105,"content":11856},[11857],{"type":41,"content":11858},[11859,11865],{"text":11860,"type":45,"marks":11861},"Easy application process: ",[11862,11863],{"type":113},{"type":52,"attrs":11864},{"color":128},{"text":11866,"type":45,"marks":11867},"You can apply for a balance transfer card online and can get a decision within a business day.",[11868],{"type":52,"attrs":11869},{"color":128},{"type":105,"content":11871},[11872,11899],{"type":41,"content":11873},[11874,11880,11885,11894],{"text":11875,"type":45,"marks":11876},"Ideal for high-interest credit card debt: ",[11877,11878],{"type":113},{"type":52,"attrs":11879},{"color":128},{"text":11881,"type":45,"marks":11882},"Even if you can’t move all your credit card debt to your new balance transfer card, you can still move your high-interest debts. That can get you started on the ",[11883],{"type":52,"attrs":11884},{"color":128},{"text":11886,"type":45,"marks":11887},"debt avalanche method",[11888,11891,11893],{"type":125,"attrs":11889},{"href":11890,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.bankrate.com/personal-finance/debt/debt-avalanche-method/",{"type":52,"attrs":11892},{"color":128},{"type":134},{"text":11895,"type":45,"marks":11896}," and save you a ton of money in interest charges.",[11897],{"type":52,"attrs":11898},{"color":128},{"type":41,"content":11900},[11901],{"text":11660,"type":45},{"type":41},{"type":56,"attrs":11904,"content":11905},{"level":2914},[11906],{"text":11907,"type":45,"marks":11908},"Cons of balance transfer cards",[11909,11910],{"type":113},{"type":52,"attrs":11911},{"color":54},{"type":41,"content":11913},[11914],{"text":11915,"type":45,"marks":11916},"Balance transfer cards aren’t ideal for those with high balances or long expected repayment terms.",[11917],{"type":52,"attrs":11918},{"color":54},{"type":1509,"attrs":11920,"content":11922},{"order":11921},{"order":58},[11923,11938,11953,11982],{"type":105,"content":11924},[11925],{"type":41,"content":11926},[11927,11933],{"text":11928,"type":45,"marks":11929},"Low balance limits: ",[11930,11931],{"type":113},{"type":52,"attrs":11932},{"color":54},{"text":11934,"type":45,"marks":11935},"How much you can transfer will be subject to your new credit limit. If your limit is low, you may not be able to transfer your entire credit card debt balance over. ",[11936],{"type":52,"attrs":11937},{"color":128},{"type":105,"content":11939},[11940],{"type":41,"content":11941},[11942,11948],{"text":11943,"type":45,"marks":11944},"Potential fees: ",[11945,11946],{"type":113},{"type":52,"attrs":11947},{"color":128},{"text":11949,"type":45,"marks":11950},"Many cards charge balance transfer fees which are often around 3%. ",[11951],{"type":52,"attrs":11952},{"color":128},{"type":105,"content":11954},[11955],{"type":41,"content":11956},[11957,11963,11968,11977],{"text":11958,"type":45,"marks":11959},"Required credit score: ",[11960,11961],{"type":113},{"type":52,"attrs":11962},{"color":128},{"text":11964,"type":45,"marks":11965},"You need a ",[11966],{"type":52,"attrs":11967},{"color":128},{"text":11969,"type":45,"marks":11970},"good to excellent credit score",[11971,11974,11976],{"type":125,"attrs":11972},{"href":11973,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.cnbc.com/select/balance-transfer-declined/#:~:text=Balance%20transfer%20credit%20cards%20typically,greater)%20in%20order%20to%20qualify.",{"type":52,"attrs":11975},{"color":128},{"type":134},{"text":11978,"type":45,"marks":11979},"—usually at least 670—to qualify for these cards.",[11980],{"type":52,"attrs":11981},{"color":128},{"type":105,"content":11983},[11984],{"type":41,"content":11985},[11986,11992,11997,12006],{"text":11987,"type":45,"marks":11988},"High post-introductory-period APR: ",[11989,11990],{"type":113},{"type":52,"attrs":11991},{"color":128},{"text":11993,"type":45,"marks":11994},"During the introductory period, the lender makes very little money from you in interest. Balance transfer cards are designed to make up for that by dramatically increasing APR once the introductory period ends. After that, interest rates can skyrocket to ",[11995],{"type":52,"attrs":11996},{"color":128},{"text":11998,"type":45,"marks":11999},"17 to 30%",[12000,12003,12005],{"type":125,"attrs":12001},{"href":12002,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://time.com/nextadvisor/credit-cards/pros-cons-balance-transfer-credit-cards/",{"type":52,"attrs":12004},{"color":128},{"type":134},{"text":1348,"type":45,"marks":12007},[12008],{"type":52,"attrs":12009},{"color":128},{"type":56,"attrs":12011,"content":12012},{"level":87},[12013],{"text":12014,"type":45,"marks":12015},"Alternatives to using a personal loan for credit card refinancing ",[12016,12017],{"type":113},{"type":52,"attrs":12018},{"color":54},{"type":56,"attrs":12020,"content":12021},{"level":2677},[12022],{"text":12023,"type":45,"marks":12024},"The debt avalanche method",[12025,12026],{"type":113},{"type":52,"attrs":12027},{"color":54},{"type":41,"content":12029},[12030],{"text":12031,"type":45,"marks":12032},"The debt avalanche method involves paying off your debts in the order of their interest rates, starting with the highest interest rate and ending with the lowest. This can be helpful if you’re not sure how to prioritize your payments or don’t want to go through the hassle of applying for credit card refinancing every time there’s a change in your finances.",[12033],{"type":52,"attrs":12034},{"color":54},{"type":41,"content":12036},[12037],{"text":12038,"type":45,"marks":12039},"Let's say that—excluding your mortgage—you have the following debts: ",[12040],{"type":52,"attrs":12041},{"color":54},{"type":102,"content":12043},[12044,12053,12062],{"type":105,"content":12045},[12046],{"type":41,"content":12047},[12048],{"text":12049,"type":45,"marks":12050},"$10,000 in student loans at a 6% rate",[12051],{"type":52,"attrs":12052},{"color":54},{"type":105,"content":12054},[12055],{"type":41,"content":12056},[12057],{"text":12058,"type":45,"marks":12059},"$5,000 in credit card debt at 10% ",[12060],{"type":52,"attrs":12061},{"color":128},{"type":105,"content":12063},[12064],{"type":41,"content":12065},[12066],{"text":12067,"type":45,"marks":12068},"$2,000 in car loans at 2%",[12069],{"type":52,"attrs":12070},{"color":128},{"type":41,"content":12072},[12073,12078,12082,12086],{"text":12074,"type":45,"marks":12075},"You decide to begin by paying off your highest interest-rate debt first so you can save money on your interest payments as soon as possible. In this example, it would make sense to pay off your debts in order of interest rate: first your credit card (10%), then your student loan (6%), and finally your car loan (2%). Make sure to keep paying the minimum payment on all debts, even if they’re not the debt of focus at the moment.",[12076],{"type":52,"attrs":12077},{"color":54},{"type":6472,"marks":12079},[12080],{"type":52,"attrs":12081},{"color":128},{"type":6472,"marks":12083},[12084],{"type":52,"attrs":12085},{"color":128},{"text":12087,"type":45,"marks":12088},"Once those three debts are paid off completely using this method, put any extra cash toward other debts (like your mortgage) until all accounts have been completely paid off using this same strategy.",[12089],{"type":52,"attrs":12090},{"color":128},{"type":56,"attrs":12092,"content":12093},{"level":2677},[12094],{"text":12095,"type":45,"marks":12096},"Debt snowball method",[12097,12098],{"type":113},{"type":52,"attrs":12099},{"color":54},{"type":41,"content":12101},[12102],{"text":12103,"type":45,"marks":12104},"The debt snowball method is a popular way to pay off credit card debt. It involves paying off your smallest balance first, then moving on to the next smallest balance after that. The idea is that you'll see progress as you chip away at your loan payments, which will motivate you to keep going and pay off more debts.",[12105],{"type":52,"attrs":12106},{"color":54},{"type":41,"content":12108},[12109],{"text":12110,"type":45,"marks":12111},"When using this method, it's important not to focus on how much you're paying in interest—you should instead be focused on paying off those balances as soon as possible. Meanwhile, continue making minimum payments on your larger debts to avoid going into default. ",[12112],{"type":52,"attrs":12113},{"color":54},{"type":56,"attrs":12115,"content":12116},{"level":2677},[12117],{"text":12118,"type":45,"marks":12119},"Home equity line of credit (HELOC)",[12120,12121],{"type":113},{"type":52,"attrs":12122},{"color":54},{"type":41,"content":12124},[12125],{"text":12126,"type":45,"marks":12127},"If you own a home, consider using a home equity loan or a home equity line of credit (HELOC) to pay off your credit card debt. Like a personal loan, a home equity loan is a lump sum you can use for almost any purpose. However, this is a secured loan, which means your home equity (i.e., how much of your house you own versus how much the bank owns) is put up as collateral. Home equity loans are offered through banks, credit unions, and online lenders.",[12128],{"type":52,"attrs":12129},{"color":54},{"type":41,"content":12131},[12132],{"text":12133,"type":45,"marks":12134},"A HELOC is more similar to a credit card. With it, you can borrow as much as you need, when you need it, up to a certain limit. HELOCs are also available from many traditional financial institutions.",[12135],{"type":52,"attrs":12136},{"color":128},{"type":41,"content":12138},[12139],{"text":12140,"type":45,"marks":12141},"Home equity loans and lines of credit can be good options to consider if you have excellent credit since the interest rates tend to be low and the repayment terms flexible. You can typically borrow up to 80% of your home equity. ",[12142],{"type":52,"attrs":12143},{"color":54},{"type":41,"content":12145},[12146,12151,12160],{"text":12147,"type":45,"marks":12148},"The downside to these solutions is that they both involve a hard credit inquiry into your credit history, which will show up on your credit report. Home equity loans and HELOCs can also include ",[12149],{"type":52,"attrs":12150},{"color":54},{"text":12152,"type":45,"marks":12153},"closing costs",[12154,12157,12159],{"type":125,"attrs":12155},{"href":12156,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.experian.com/blogs/ask-experian/how-much-are-home-equity-loan-heloc-closing-costs/",{"type":52,"attrs":12158},{"color":128},{"type":134},{"text":12161,"type":45,"marks":12162},", i.e., fees you’ll have to pay when you close out the loan. For smaller loans, these fees can be expensive relative to the loan amount. 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