[{"data":1,"prerenderedAt":10973},["Reactive",2],{"/":3},{"data":4,"headers":10945,"perPage":10971,"total":10972},{"stories":5,"cv":10942,"rels":10943,"links":10944},[6,1414,2005,3664,5311,6872,8304,9494,10337],{"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":1997,"full_slug":1998,"sort_by_date":128,"position":1999,"tag_list":2000,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":2001,"first_published_at":2002,"release_id":128,"lang":1412,"path":2003,"alternates":2004,"default_full_slug":128,"translated_slugs":128},"How to Ask Someone to Cosign a Personal Loan","2025-04-07T18:30:40.199Z","2026-04-01T16:46:49.478Z","2026-04-01T16:46:49.497Z",651798171,"44b1f693-73fd-4163-bd69-ff62aafd8b4d",{"seo":1422,"_uid":1425,"hero":1426,"author":1433,"category":31,"featured":28,"imageAlt":18,"component":32,"blogContents":1434,"canonicalTag":1994,"publishedDate":1995,"_editable":1996},{"_uid":1423,"title":1415,"plugin":17,"og_image":18,"og_title":18,"description":1424,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"0467bfe8-b659-46a2-8fef-63565d18c79e","Having a cosigner can help you get a lower interest rate and better loan terms. Here’s how to have the conversation.\n","d91154f9-9ecc-44c5-890b-35a1d510220e",[1427],{"id":18,"_uid":1428,"image":1429,"intro":1430,"classes":18,"_editable":1431,"blogTitle":1415,"component":26,"imageLink":1432,"blendImage":28,"backgroundColor":29},"5faafd7f-291f-47c6-a91e-6de5ce44f5cb","//a.storyblok.com/f/110029/1020x678/7a64795b29/how-to-ask-someone-to-cosign-a-personal-loan.png","Having a cosigner can help you get a lower interest rate and better loan terms. Here’s how to have the conversation.","\u003C!--#storyblok#{\"name\": \"NriBlogHero\", \"space\": \"157494\", \"uid\": \"5faafd7f-291f-47c6-a91e-6de5ce44f5cb\", \"id\": \"651798171\"}-->","/images/how-to-ask-someone-to-cosign-a-personal-loan.png","grace-guido",[1435],{"_uid":1436,"color":36,"richText":1437,"_editable":1993,"component":1401},"d38fe98a-274f-4440-a601-d08e92fddf31",{"type":38,"content":1438},[1439,1451,1488,1509,1518,1539,1547,1555,1564,1580,1589,1800,1809,1821,1842,1850,1862,1870,1882,1890,1902,1924,1932,1941,1964,1973,1983],{"type":41,"attrs":1440,"content":1441},{"textAlign":128},[1442],{"text":44,"type":45,"marks":1443},[1444,1447,1449],{"type":52,"attrs":1445},{"color":1446},"rgb(0, 0, 0)",{"type":1448},"italic",{"type":48,"attrs":1450},{"class":50},{"type":41,"attrs":1452,"content":1453},{"textAlign":128},[1454,1459,1469,1474,1483],{"text":1455,"type":45,"marks":1456},"Do you need a ",[1457],{"type":52,"attrs":1458},{"color":1446},{"text":1460,"type":45,"marks":1461},"cosigner",[1462,1465,1468],{"type":125,"attrs":1463},{"href":1464,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-cosigner-student-loan-en-565/",{"type":52,"attrs":1466},{"color":1467},"rgb(17, 85, 204)",{"type":134},{"text":1470,"type":45,"marks":1471}," to qualify for a ",[1472],{"type":52,"attrs":1473},{"color":1446},{"text":1475,"type":45,"marks":1476},"personal loan",[1477,1480,1482],{"type":125,"attrs":1478},{"href":1479,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://marketplace.navient.com/blog/what-is-a-personal-loan/",{"type":52,"attrs":1481},{"color":1467},{"type":134},{"text":1484,"type":45,"marks":1485},", or will a cosigner significantly improve your loan terms? If so, you should consider who might cosign your loan and how you should ask them. ",[1486],{"type":52,"attrs":1487},{"color":1446},{"type":41,"attrs":1489,"content":1490},{"textAlign":128},[1491,1496,1504],{"text":1492,"type":45,"marks":1493},"It is important to be prepared for this conversation to show your potential cosigner that you are responsible and capable of repaying the loan. ",[1494],{"type":52,"attrs":1495},{"color":1446},{"text":1497,"type":45,"marks":1498},"Navient Marketplace",[1499,1501,1503],{"type":125,"attrs":1500},{"href":1336,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1502},{"color":1467},{"type":134},{"text":1505,"type":45,"marks":1506}," is here to help you learn how to ask a cosigner to share this financial responsibility. ",[1507],{"type":52,"attrs":1508},{"color":1446},{"type":56,"attrs":1510,"content":1511},{"level":87,"textAlign":128},[1512],{"text":1513,"type":45,"marks":1514},"Choose Your Cosigner Wisely",[1515,1517],{"type":52,"attrs":1516},{"color":1446},{"type":113},{"type":41,"attrs":1519,"content":1520},{"textAlign":128},[1521,1526,1534],{"text":1522,"type":45,"marks":1523},"A cosigner is agreeing to ",[1524],{"type":52,"attrs":1525},{"color":1446},{"text":1527,"type":45,"marks":1528},"legal responsibility for your loan",[1529,1531,1533],{"type":125,"attrs":1530},{"href":1464,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1532},{"color":1467},{"type":134},{"text":1535,"type":45,"marks":1536}," and its repayment obligations. Therefore, it is important to choose someone that you trust. Cosigners are typically close friends or a family member. ",[1537],{"type":52,"attrs":1538},{"color":1446},{"type":41,"attrs":1540,"content":1541},{"textAlign":128},[1542],{"text":1543,"type":45,"marks":1544},"The cosigner should be financially stable and have a good credit history. A cosigner with excellent credit can increase your chances of being approved and securing favorable loan terms. It will also mean that if you are unable to make your payments for any reason, the cosigner will likely be able to. ",[1545],{"type":52,"attrs":1546},{"color":1446},{"type":41,"attrs":1548,"content":1549},{"textAlign":128},[1550],{"text":1551,"type":45,"marks":1552},"It is also important to choose someone you can be open and honest with. If something comes up and you have trouble making payments, it will be important to tell your cosigner right away. Having a cosigner that you have good communication with will make the entire process smoother. ",[1553],{"type":52,"attrs":1554},{"color":1446},{"type":56,"attrs":1556,"content":1557},{"level":87,"textAlign":128},[1558],{"text":1559,"type":45,"marks":1560},"Advantages of Having a Cosigner",[1561,1563],{"type":52,"attrs":1562},{"color":1446},{"type":113},{"type":41,"attrs":1565,"content":1566},{"textAlign":128},[1567,1575],{"text":1568,"type":45,"marks":1569},"There are several advantages",[1570,1572,1574],{"type":125,"attrs":1571},{"href":1464,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1573},{"color":1467},{"type":134},{"text":1576,"type":45,"marks":1577}," to having a cosigner. Loan lenders are more willing to approve the loan application of a borrower with strong credit over an individual with bad credit. They are also more likely to give better repayment terms and lower interest rates based on the cosigner's creditworthiness. Having a cosigner on your loan can be convenient to you as a borrower if you have little credit history or poor credit. ",[1578],{"type":52,"attrs":1579},{"color":1446},{"type":56,"attrs":1581,"content":1582},{"level":87,"textAlign":128},[1583],{"text":1584,"type":45,"marks":1585},"How to Ask Someone to be a Cosigner:",[1586,1588],{"type":52,"attrs":1587},{"color":1446},{"type":113},{"type":1590,"attrs":1591,"content":1592},"ordered_list",{"order":58},[1593,1612,1652,1720,1769],{"type":105,"content":1594},[1595,1604],{"type":41,"attrs":1596,"content":1597},{"textAlign":128},[1598],{"text":1599,"type":45,"marks":1600},"Tell them why you’re taking the loan out",[1601,1603],{"type":52,"attrs":1602},{"color":1446},{"type":113},{"type":41,"attrs":1605,"content":1606},{"textAlign":128},[1607],{"text":1608,"type":45,"marks":1609},"Make it clear to your cosigner why you need the personal loan. Whether you are purchasing a car or consolidating your debt, explain your personal and financial goals. A cosigner is more likely to agree to help you if they understand your reasoning and agree that the loan will be beneficial for you. ",[1610],{"type":52,"attrs":1611},{"color":1446},{"type":105,"content":1613},[1614,1623,1644],{"type":41,"attrs":1615,"content":1616},{"textAlign":128},[1617],{"text":1618,"type":45,"marks":1619},"Explain how a cosigner can help your application and loan terms",[1620,1622],{"type":52,"attrs":1621},{"color":1446},{"type":113},{"type":41,"attrs":1624,"content":1625},{"textAlign":128},[1626,1631,1639],{"text":1627,"type":45,"marks":1628},"Let your cosigner know the positive impact that cosigning could have. Explain that you will have a ",[1629],{"type":52,"attrs":1630},{"color":1446},{"text":1632,"type":45,"marks":1633},"greater likelihood of being approved",[1634,1636,1638],{"type":125,"attrs":1635},{"href":1464,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1637},{"color":1467},{"type":134},{"text":1640,"type":45,"marks":1641}," and more favorable loan terms. ",[1642],{"type":52,"attrs":1643},{"color":1446},{"type":41,"attrs":1645,"content":1646},{"textAlign":128},[1647],{"text":1648,"type":45,"marks":1649},"This loan is also an opportunity for you to build your credit and prove your creditworthiness. Your cosigner is helping you with more than they may realize. ",[1650],{"type":52,"attrs":1651},{"color":1446},{"type":105,"content":1653},[1654,1668,1676,1684],{"type":41,"attrs":1655,"content":1656},{"textAlign":128},[1657,1663],{"text":1658,"type":45,"marks":1659},"Make sure they understand their responsibility as a cosigner",[1660,1662],{"type":52,"attrs":1661},{"color":1446},{"type":113},{"text":1664,"type":45,"marks":1665}," ",[1666],{"type":52,"attrs":1667},{"color":1446},{"type":41,"attrs":1669,"content":1670},{"textAlign":128},[1671],{"text":1672,"type":45,"marks":1673},"Cosigning a loan is a huge responsibility. It is important for you to understand your responsibilities as the primary borrower, and it is equally important for the cosigner to understand their responsibilities as well. ",[1674],{"type":52,"attrs":1675},{"color":1446},{"type":41,"attrs":1677,"content":1678},{"textAlign":128},[1679],{"text":1680,"type":45,"marks":1681},"Agreeing to cosign a loan means your cosigner has a legal obligation to the loan repayment. They are jointly accepting responsibility and will be held accountable for any missed or late payments. If the loan defaults or has missed payments, it can hurt both your credit and your cosigner's credit. ",[1682],{"type":52,"attrs":1683},{"color":1446},{"type":41,"attrs":1685,"content":1686},{"textAlign":128},[1687,1692,1701,1706,1715],{"text":1688,"type":45,"marks":1689},"Make sure that your cosigner knows what responsibilities come with cosigning on your loan. ",[1690],{"type":52,"attrs":1691},{"color":1446},{"text":1693,"type":45,"marks":1694},"Share resources",[1695,1698,1700],{"type":125,"attrs":1696},{"href":1697,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.consumerfinance.gov/paying-for-college/repay-student-debt/student-loan-cosigners/",{"type":52,"attrs":1699},{"color":1467},{"type":134},{"text":1702,"type":45,"marks":1703}," that help them understand ",[1704],{"type":52,"attrs":1705},{"color":1446},{"text":1707,"type":45,"marks":1708},"what cosigning entails",[1709,1712,1714],{"type":125,"attrs":1710},{"href":1711,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://consumer.ftc.gov/articles/cosigning-loan-faqs",{"type":52,"attrs":1713},{"color":1467},{"type":134},{"text":1716,"type":45,"marks":1717}," and how they can be prepared to assist you as well as protect their own credit. ",[1718],{"type":52,"attrs":1719},{"color":1446},{"type":105,"content":1721},[1722,1731,1753,1761],{"type":41,"attrs":1723,"content":1724},{"textAlign":128},[1725],{"text":1726,"type":45,"marks":1727},"Discuss your plans to repay the loan",[1728,1730],{"type":52,"attrs":1729},{"color":1446},{"type":113},{"type":41,"attrs":1732,"content":1733},{"textAlign":128},[1734,1739,1748],{"text":1735,"type":45,"marks":1736},"When you are talking with your cosigner, come prepared with ",[1737],{"type":52,"attrs":1738},{"color":1446},{"text":1740,"type":45,"marks":1741},"a copy of your credit report",[1742,1745,1747],{"type":125,"attrs":1743},{"href":1744,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-copy-of-my-credit-reports-en-5/",{"type":52,"attrs":1746},{"color":1467},{"type":134},{"text":1749,"type":45,"marks":1750}," and information on your income. Share your budgeting strategies and other steps you have taken to ensure you can make monthly payments. This will show your cosigner you are taking this responsibility seriously. ",[1751],{"type":52,"attrs":1752},{"color":1446},{"type":41,"attrs":1754,"content":1755},{"textAlign":128},[1756],{"text":1757,"type":45,"marks":1758},"Discuss your specific plan for repaying the loan. Are you going to make the payment every month? Or would your cosigner rather pay it and be repaid to ensure on-time payments? Your repayment plan will vary depending on what you and your cosigner are most comfortable with. ",[1759],{"type":52,"attrs":1760},{"color":1446},{"type":41,"attrs":1762,"content":1763},{"textAlign":128},[1764],{"text":1765,"type":45,"marks":1766},"Regardless of how you decide to repay the loan, make sure you and your cosigner have agreed on it before the loan is taken out. ",[1767],{"type":52,"attrs":1768},{"color":1446},{"type":105,"content":1770},[1771,1784,1792],{"type":41,"attrs":1772,"content":1773},{"textAlign":128},[1774,1780],{"text":1775,"type":45,"marks":1776},"Agree on what you’ll do if you can’t repay the loan",[1777,1779],{"type":52,"attrs":1778},{"color":1446},{"type":113},{"text":1664,"type":45,"marks":1781},[1782],{"type":52,"attrs":1783},{"color":1446},{"type":41,"attrs":1785,"content":1786},{"textAlign":128},[1787],{"text":1788,"type":45,"marks":1789},"Consider and discuss what will happen in the event you are unable to make a payment. Or, if you will be unable to repay the entire loan. ",[1790],{"type":52,"attrs":1791},{"color":1446},{"type":41,"attrs":1793,"content":1794},{"textAlign":128},[1795],{"text":1796,"type":45,"marks":1797},"While no one plans on being unable to make loan payments, you should be prepared just in case. Discussing every possibility will give your cosigner transparency upfront and prevent conflict and misunderstanding. ",[1798],{"type":52,"attrs":1799},{"color":1446},{"type":56,"attrs":1801,"content":1802},{"level":87,"textAlign":128},[1803],{"text":1804,"type":45,"marks":1805},"Things to Remember During Your Conversation:",[1806,1808],{"type":52,"attrs":1807},{"color":1446},{"type":113},{"type":102,"content":1810},[1811],{"type":105,"content":1812},[1813],{"type":41,"attrs":1814,"content":1815},{"textAlign":128},[1816],{"text":1817,"type":45,"marks":1818},"Be honest and upfront with your cosigner",[1819],{"type":52,"attrs":1820},{"color":1446},{"type":41,"attrs":1822,"content":1823},{"textAlign":128},[1824,1829,1837],{"text":1825,"type":45,"marks":1826},"Cosigning is an enormous responsibility with potential impacts to your cosigner's credit score. They should be aware of all the ",[1827],{"type":52,"attrs":1828},{"color":1446},{"text":1830,"type":45,"marks":1831},"risks and responsibilities",[1832,1834,1836],{"type":125,"attrs":1833},{"href":1711,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":1835},{"color":1467},{"type":134},{"text":1838,"type":45,"marks":1839}," associated with cosigning. Do not hide anything from your cosigner or diminish the role they will have in the loan. ",[1840],{"type":52,"attrs":1841},{"color":1446},{"type":41,"attrs":1843,"content":1844},{"textAlign":128},[1845],{"text":1846,"type":45,"marks":1847},"Be honest and upfront about your financial situation and reasons for taking out a personal loan. The individual will be much more likely to cosign if they trust you.",[1848],{"type":52,"attrs":1849},{"color":1446},{"type":102,"content":1851},[1852],{"type":105,"content":1853},[1854],{"type":41,"attrs":1855,"content":1856},{"textAlign":128},[1857],{"text":1858,"type":45,"marks":1859},"Be willing to negotiate",[1860],{"type":52,"attrs":1861},{"color":1446},{"type":41,"attrs":1863,"content":1864},{"textAlign":128},[1865],{"text":1866,"type":45,"marks":1867},"The cosigner is helping you out by taking on this loan. Be willing to negotiate repayment plans and other details. Cosigning places an equal responsibility on you and your cosigner, so the cosigner deserves input. ",[1868],{"type":52,"attrs":1869},{"color":1446},{"type":102,"content":1871},[1872],{"type":105,"content":1873},[1874],{"type":41,"attrs":1875,"content":1876},{"textAlign":128},[1877],{"text":1878,"type":45,"marks":1879},"If they say yes, show your gratitude",[1880],{"type":52,"attrs":1881},{"color":1446},{"type":41,"attrs":1883,"content":1884},{"textAlign":128},[1885],{"text":1886,"type":45,"marks":1887},"If your cosigner agrees, let them know that you are thankful. Throughout the life of the loan, show the cosigner you are a responsible borrower and follow through on your plan to pay for the loan. This will not only demonstrate your gratitude, but help your credit history as well. ",[1888],{"type":52,"attrs":1889},{"color":1446},{"type":102,"content":1891},[1892],{"type":105,"content":1893},[1894],{"type":41,"attrs":1895,"content":1896},{"textAlign":128},[1897],{"text":1898,"type":45,"marks":1899},"If they say no, accept it gracefully ",[1900],{"type":52,"attrs":1901},{"color":1446},{"type":41,"attrs":1903,"content":1904},{"textAlign":128},[1905,1910,1919],{"text":1906,"type":45,"marks":1907},"Although you were hoping they would accept, thank the cosigner for their time. They may have reasons for declining, such as planning to take out a personal loan of their own or the impact it would have on their ",[1908],{"type":52,"attrs":1909},{"color":1446},{"text":1911,"type":45,"marks":1912},"debt-to-income ratio",[1913,1916,1918],{"type":125,"attrs":1914},{"href":1915,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.investopedia.com/terms/d/dti.asp",{"type":52,"attrs":1917},{"color":1467},{"type":134},{"text":1920,"type":45,"marks":1921},". ",[1922],{"type":52,"attrs":1923},{"color":1446},{"type":41,"attrs":1925,"content":1926},{"textAlign":128},[1927],{"text":1928,"type":45,"marks":1929},"Respect the individual's decision to decline and consider other trusted friends or family who may be willing to help you out.",[1930],{"type":52,"attrs":1931},{"color":1446},{"type":56,"attrs":1933,"content":1934},{"level":87,"textAlign":128},[1935],{"text":1936,"type":45,"marks":1937},"Apply for a Personal Loan with a Cosigner",[1938,1940],{"type":52,"attrs":1939},{"color":1446},{"type":113},{"type":41,"attrs":1942,"content":1943},{"textAlign":128},[1944,1949,1959],{"text":1945,"type":45,"marks":1946},"Now that you know all about how to find a cosigner, you can take out your personal loan! ",[1947],{"type":52,"attrs":1948},{"color":1446},{"text":1950,"type":45,"marks":1951},"Apply for a personal loan",[1952,1956,1958],{"type":125,"attrs":1953},{"href":1954,"uuid":128,"anchor":128,"target":1955,"linktype":130},"https://www.earnest.com/personal-loans?utm_medium=organic&utm_source=navient_marketplace&utm_campaign=PL_rc_pro_genpop_20260331","_self",{"type":52,"attrs":1957},{"color":1467},{"type":134},{"text":1960,"type":45,"marks":1961}," with Navient Marketplace today. ",[1962],{"type":52,"attrs":1963},{"color":1446},{"type":41,"attrs":1965,"content":1966},{"textAlign":128},[1967],{"text":1355,"type":45,"marks":1968},[1969,1971],{"type":52,"attrs":1970},{"color":1446},{"type":48,"attrs":1972},{"class":50},{"type":41,"attrs":1974,"content":1975},{"textAlign":128},[1976],{"text":1977,"type":45,"marks":1978},"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.",[1979,1981],{"type":52,"attrs":1980},{"color":1446},{"type":48,"attrs":1982},{"class":50},{"type":41,"attrs":1984,"content":1985},{"textAlign":128},[1986],{"text":1987,"type":45,"marks":1988}," Loan proceeds may not be used for postsecondary educational expenses, including refinancing federal or private student loans.",[1989,1991],{"type":52,"attrs":1990},{"color":1446},{"type":48,"attrs":1992},{"class":50},"\u003C!--#storyblok#{\"name\": \"BlogText\", \"space\": \"157494\", \"uid\": \"d38fe98a-274f-4440-a601-d08e92fddf31\", \"id\": \"651798171\"}-->","https://www.marketplace.navient.com/blog/how-to-ask-someone-to-cosign-a-personal-loan/","Published: 8/28/2023","\u003C!--#storyblok#{\"name\": \"NriBlogPost\", \"space\": \"157494\", \"uid\": \"d91154f9-9ecc-44c5-890b-35a1d510220e\", \"id\": \"651798171\"}-->","how-to-ask-someone-to-cosign-a-personal-loan","navient_marketplace/blog/how-to-ask-someone-to-cosign-a-personal-loan",-460,[],"25f3f66f-35c1-4e02-9eae-9bec91a56cbe","2023-09-26T16:44:37.643Z","blog/how-to-ask-someone-to-cosign-a-personal-loan",[],{"name":2006,"created_at":2007,"published_at":2008,"updated_at":2009,"id":2010,"uuid":2011,"content":2012,"slug":3657,"full_slug":3658,"sort_by_date":128,"position":3659,"tag_list":3660,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":3661,"first_published_at":3662,"release_id":128,"lang":1412,"path":128,"alternates":3663,"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":2013,"_uid":2016,"body":2017,"author":30,"category":31,"featured":28,"component":3654,"canonicalTag":3655,"_editable":3656},{"_uid":2014,"title":2006,"plugin":17,"og_image":18,"og_title":18,"description":2015,"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",[2018,2044,3629],{"id":2019,"_uid":2020,"image":2021,"intro":2015,"author":2022,"classes":2023,"category":18,"featured":28,"blogTitle":2006,"component":2040,"imageLink":2041,"blendImage":28,"authorRoute":30,"publishedDate":2042,"backgroundColor":29,"_editable":2043},"blog-hero","be8a2b18-d2c6-4505-973b-7f17cf437ed1","//a.storyblok.com/f/110029/624x468/86305d2e4f/tou_house_with_keys.png","Natasha Khullar Relph",[2024],{"_uid":2025,"component":2026,"titleColor":2027,"dateClasses":2028,"titleClasses":2029,"authorClasses":2030,"subtitleColor":2031,"titleMaxWidth":2032,"subtitleClasses":2033,"dateMobileClasses":2034,"titleMobileClasses":2035,"authorMobileClasses":2036,"featuredMobileClasses":2037,"subtitleMobileClasses":2038,"_editable":2039},"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":2045,"bloks":2046,"classes":3625,"component":3626,"mobileClasses":18,"containerContent":3627,"_editable":3628},"ecffcfae-58da-439e-8d30-febcc7c50469",[2047],{"_uid":2048,"bloks":2049,"classes":18,"justify":3572,"component":3623,"mobileClasses":18,"_editable":3624},"c88d88d3-69eb-4468-81cc-60b6c55bb2b2",[2050,3575],{"lg":2051,"md":2051,"sm":2052,"_uid":2053,"cols":2052,"bloks":2054,"alignSelf":3572,"component":3573,"_editable":3574},"7","12","972e983d-23ec-4a8e-8c70-fae61f37f6e6",[2055],{"_uid":2056,"color":36,"classes":2057,"content":18,"richText":2058,"component":3565,"mobileClasses":3566,"enableRichText":3567,"richTextMobile":3568,"_editable":3571},"c401c60c-4fe6-4ba5-8767-f0f0fd9cea3f","blog-post-text blog-post-headers",{"type":38,"content":2059},[2060,2066,2113,2129,2140,2175,2222,2229,2270,2281,2295,2487,2496,2506,2516,2630,2639,2708,2716,2788,2797,2814,2966,2974,2984,2993,3072,3081,3196,3212,3222,3232,3299,3308,3357,3367,3377,3497,3502,3541,3549,3557],{"type":41,"content":2061},[2062],{"text":44,"type":45,"marks":2063},[2064],{"type":52,"attrs":2065},{"color":18},{"type":41,"content":2067},[2068,2070,2076,2078,2083,2085,2090,2092,2097,2099,2104,2106,2111],{"text":2069,"type":45},"There are two main ",{"text":2071,"type":45,"marks":2072},"types of loans",[2073],{"type":52,"attrs":2074},{"color":2075},"black",{"text":2077,"type":45},": ",{"text":2079,"type":45,"marks":2080},"secured loans",[2081],{"type":52,"attrs":2082},{"color":2075},{"text":2084,"type":45}," and ",{"text":2086,"type":45,"marks":2087},"unsecured loans",[2088],{"type":52,"attrs":2089},{"color":2075},{"text":2091,"type":45},". The key difference is whether or not you’re required to put up collateral. Each ",{"text":2093,"type":45,"marks":2094},"type of loan",[2095],{"type":52,"attrs":2096},{"color":2075},{"text":2098,"type":45}," also comes with different interest rates and terms, which means an ",{"text":2100,"type":45,"marks":2101},"unsecured loan",[2102],{"type":52,"attrs":2103},{"color":2075},{"text":2105,"type":45}," will be a better fit for some borrowers, while a ",{"text":2107,"type":45,"marks":2108},"secured loan",[2109],{"type":52,"attrs":2110},{"color":2075},{"text":2112,"type":45}," might better serve others.",{"type":41,"content":2114},[2115,2117,2121,2123,2128],{"text":2116,"type":45},"So how can you decide whether you’re better off with a secured vs. ",{"text":2100,"type":45,"marks":2118},[2119],{"type":52,"attrs":2120},{"color":2075},{"text":2122,"type":45},"? We put together this guide to help you make an informed ",{"text":2124,"type":45,"marks":2125},"financial decision",[2126],{"type":52,"attrs":2127},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":2130,"content":2131},{"level":87},[2132,2134,2138],{"text":2133,"type":45},"What’s the difference between secured and ",{"text":2086,"type":45,"marks":2135},[2136],{"type":52,"attrs":2137},{"color":2075},{"text":2139,"type":45},"?",{"type":41,"content":2141},[2142,2147,2149,2154,2156,2160,2162,2166,2168,2173],{"text":2143,"type":45,"marks":2144},"Secured loans",[2145],{"type":52,"attrs":2146},{"color":2075},{"text":2148,"type":45}," require a borrower to provide collateral, such as a house or car, which the ",{"text":2150,"type":45,"marks":2151},"lender",[2152],{"type":52,"attrs":2153},{"color":2075},{"text":2155,"type":45}," can claim if the borrower defaults on the loan. With an ",{"text":2100,"type":45,"marks":2157},[2158],{"type":52,"attrs":2159},{"color":2075},{"text":2161,"type":45},", however, you won’t have to put up an asset as collateral. Instead, the ",{"text":2150,"type":45,"marks":2163},[2164],{"type":52,"attrs":2165},{"color":2075},{"text":2167,"type":45}," looks at your ",{"text":2169,"type":45,"marks":2170},"credit history",[2171],{"type":52,"attrs":2172},{"color":2075},{"text":2174,"type":45}," to determine whether or not you’re good for your debt.",{"type":41,"content":2176},[2177,2179,2183,2185,2189,2191,2196,2197,2202,2204,2208,2210,2214,2216,2220],{"text":2178,"type":45},"Collateral provides the ",{"text":2150,"type":45,"marks":2180},[2181],{"type":52,"attrs":2182},{"color":2075},{"text":2184,"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":2079,"type":45,"marks":2186},[2187],{"type":52,"attrs":2188},{"color":2075},{"text":2190,"type":45}," typically come with ",{"text":2192,"type":45,"marks":2193},"lower interest rates",[2194],{"type":52,"attrs":2195},{"color":2075},{"text":2084,"type":45},{"text":2198,"type":45,"marks":2199},"higher borrowing limits",[2200],{"type":52,"attrs":2201},{"color":2075},{"text":2203,"type":45}," than ",{"text":2086,"type":45,"marks":2205},[2206],{"type":52,"attrs":2207},{"color":2075},{"text":2209,"type":45},". They may also be easier to obtain. However, ",{"text":2079,"type":45,"marks":2211},[2212],{"type":52,"attrs":2213},{"color":2075},{"text":2215,"type":45}," often have more usage restrictions than ",{"text":2086,"type":45,"marks":2217},[2218],{"type":52,"attrs":2219},{"color":2075},{"text":2221,"type":45}," as well.",{"type":56,"attrs":2223,"content":2224},{"level":87},[2225],{"text":2143,"type":45,"marks":2226},[2227],{"type":52,"attrs":2228},{"color":2075},{"type":41,"content":2230},[2231,2235,2237,2241,2243,2247,2248,2252,2254,2258,2260,2268],{"text":2143,"type":45,"marks":2232},[2233],{"type":52,"attrs":2234},{"color":2075},{"text":2236,"type":45}," are loans that require collateral. Usually, the ",{"text":2150,"type":45,"marks":2238},[2239],{"type":52,"attrs":2240},{"color":2075},{"text":2242,"type":45}," will let you borrow up to the value of the collateral, which means secured loans often offer ",{"text":2198,"type":45,"marks":2244},[2245],{"type":52,"attrs":2246},{"color":2075},{"text":2203,"type":45},{"text":2086,"type":45,"marks":2249},[2250],{"type":52,"attrs":2251},{"color":2075},{"text":2253,"type":45},". For that reason, ",{"text":2079,"type":45,"marks":2255},[2256],{"type":52,"attrs":2257},{"color":2075},{"text":2259,"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. 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If the borrower defaults, the ",{"text":2150,"type":45,"marks":2337},[2338],{"type":52,"attrs":2339},{"color":2075},{"text":2341,"type":45}," has the right to claim the vehicle.",{"type":105,"content":2343},[2344],{"type":41,"content":2345},[2346,2352,2355,2357,2362,2364,2372],{"text":2347,"type":45,"marks":2348},"Secured personal loans",[2349,2350],{"type":113},{"type":52,"attrs":2351},{"color":2075},{"text":2077,"type":45,"marks":2353},[2354],{"type":113},{"text":2356,"type":45},"These loans can be used for almost any purpose. 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While there are a number of different types of ",{"text":2529,"type":45,"marks":3723},[3724],{"type":52,"attrs":3725},{"color":2075},{"text":3727,"type":45}," on the market, two emerge as the most popular by far: banks and private ",{"text":2529,"type":45,"marks":3729},[3730],{"type":52,"attrs":3731},{"color":2075},{"text":3733,"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":2150,"type":45,"marks":3735},[3736],{"type":52,"attrs":3737},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":3740,"content":3741},{"level":87},[3742],{"text":3743,"type":45},"Key takeaways",{"type":102,"content":3745},[3746,3778,3799,3824],{"type":105,"content":3747},[3748],{"type":41,"content":3749},[3750,3754,3755,3759,3761,3765,3766,3770,3772,3777],{"text":223,"type":45,"marks":3751},[3752],{"type":52,"attrs":3753},{"color":18},{"text":2831,"type":45},{"text":1475,"type":45,"marks":3756},[3757],{"type":52,"attrs":3758},{"color":2075},{"text":3760,"type":45}," is a versatile source of funding that generally has ",{"text":2192,"type":45,"marks":3762},[3763],{"type":52,"attrs":3764},{"color":2075},{"text":2203,"type":45},{"text":1273,"type":45,"marks":3767},[3768],{"type":52,"attrs":3769},{"color":2075},{"text":3771,"type":45}," or open ",{"text":3773,"type":45,"marks":3774},"lines of credit",[3775],{"type":52,"attrs":3776},{"color":2075},{"text":1348,"type":45},{"type":105,"content":3779},[3780],{"type":41,"content":3781},[3782,3784,3792,3794,3798],{"text":3783,"type":45},"While banks have strict lending criteria, they ",{"text":3785,"type":45,"marks":3786},"tend to offer lower interest rates",[3787,3790],{"type":125,"attrs":3788},{"href":3789,"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":3791},{"color":1467},{"text":3793,"type":45}," to people with high ",{"text":2594,"type":45,"marks":3795},[3796],{"type":52,"attrs":3797},{"color":2075},{"text":1348,"type":45},{"type":105,"content":3800},[3801],{"type":41,"content":3802},[3803,3805,3809,3811,3816,3818,3822],{"text":3804,"type":45},"Private ",{"text":2529,"type":45,"marks":3806},[3807],{"type":52,"attrs":3808},{"color":2075},{"text":3810,"type":45}," can be an excellent option for ",{"text":3812,"type":45,"marks":3813},"borrowers",[3814],{"type":52,"attrs":3815},{"color":2075},{"text":3817,"type":45}," who have low ",{"text":2594,"type":45,"marks":3819},[3820],{"type":52,"attrs":3821},{"color":2075},{"text":3823,"type":45}," or who need funds fast.",{"type":105,"content":3825},[3826],{"type":41,"content":3827},[3828,3830,3834,3836,3841,3843,3847],{"text":3829,"type":45},"When shopping for ",{"text":3403,"type":45,"marks":3831},[3832],{"type":52,"attrs":3833},{"color":2075},{"text":3835,"type":45},", make sure to compare ",{"text":3837,"type":45,"marks":3838},"interest rates",[3839],{"type":52,"attrs":3840},{"color":2075},{"text":3842,"type":45},", fees, and available ",{"text":3169,"type":45,"marks":3844},[3845],{"type":52,"attrs":3846},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":3849,"content":3850},{"level":87},[3851,3853],{"text":3852,"type":45},"Differences between banks and private ",{"text":2529,"type":45,"marks":3854},[3855],{"type":52,"attrs":3856},{"color":2075},{"type":41,"content":3858},[3859,3861,3867,3869,3873,3875,3880],{"text":3860,"type":45},"When you apply for a ",{"text":1475,"type":45,"marks":3862},[3863,3865],{"type":125,"attrs":3864},{"href":1479,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":3866},{"color":1467},{"text":3868,"type":45},", your choice of ",{"text":2150,"type":45,"marks":3870},[3871],{"type":52,"attrs":3872},{"color":2075},{"text":3874,"type":45}," can significantly impact your ",{"text":3876,"type":45,"marks":3877},"borrowing",[3878],{"type":52,"attrs":3879},{"color":2075},{"text":3881,"type":45}," experience. Here’s how to make a solid decision.",{"type":56,"attrs":3883,"content":3884},{"level":2272},[3885],{"text":3886,"type":45},"It may be easier to qualify through your bank",{"type":41,"content":3888},[3889,3891,3895,3897,3902,3904,3909,3911,3916,3918,3922,3924,3929,3931,3936,3938,3942],{"text":3890,"type":45},"Many banks have stricter lending criteria than private ",{"text":2529,"type":45,"marks":3892},[3893],{"type":52,"attrs":3894},{"color":2075},{"text":3896,"type":45}," do. Some also require extensive documentation during the ",{"text":3898,"type":45,"marks":3899},"loan application process",[3900],{"type":52,"attrs":3901},{"color":2075},{"text":3903,"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":3905,"type":45,"marks":3906},"Wells Fargo",[3907],{"type":52,"attrs":3908},{"color":2075},{"text":3910,"type":45}," and Citizen Bank offer a 0.25% ",{"text":3912,"type":45,"marks":3913},"interest rate",[3914],{"type":52,"attrs":3915},{"color":2075},{"text":3917,"type":45}," reduction for ",{"text":3812,"type":45,"marks":3919},[3920],{"type":52,"attrs":3921},{"color":2075},{"text":3923,"type":45}," who already have a qualifying ",{"text":3925,"type":45,"marks":3926},"bank account",[3927],{"type":52,"attrs":3928},{"color":2075},{"text":3930,"type":45}," and are enrolled in automatic payments at the time of application. This is a unique ",{"text":3932,"type":45,"marks":3933},"perk",[3934],{"type":52,"attrs":3935},{"color":2075},{"text":3937,"type":45}," that’s not available with most private ",{"text":2529,"type":45,"marks":3939},[3940],{"type":52,"attrs":3941},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":3944,"content":3945},{"level":2272},[3946,3948,3953],{"text":3947,"type":45},"You may be more likely to get a ",{"text":3949,"type":45,"marks":3950},"lower interest rate",[3951],{"type":52,"attrs":3952},{"color":18},{"text":3954,"type":45}," through a bank",{"type":41,"content":3956},[3957,3965,3967,3971,3973,3978,3980,3984,3985,3989,3991,3995,3997,4001],{"text":3958,"type":45,"marks":3959},"Banks often have an advantage",[3960,3963],{"type":125,"attrs":3961},{"href":3962,"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":3964},{"color":1467},{"text":3966,"type":45}," over private ",{"text":2529,"type":45,"marks":3968},[3969],{"type":52,"attrs":3970},{"color":2075},{"text":3972,"type":45}," when it comes to ",{"text":3974,"type":45,"marks":3975},"annual percentage rates",[3976],{"type":52,"attrs":3977},{"color":2075},{"text":3979,"type":45}," (APRs). Due to their size, established reputation, and access to low-cost funding, banks are sometimes able to offer ",{"text":3812,"type":45,"marks":3981},[3982],{"type":52,"attrs":3983},{"color":2075},{"text":223,"type":45},{"text":2192,"type":45,"marks":3986},[3987],{"type":52,"attrs":3988},{"color":2075},{"text":3990,"type":45}," compared to private ",{"text":2529,"type":45,"marks":3992},[3993],{"type":52,"attrs":3994},{"color":2075},{"text":3996,"type":45},". If you can secure a ",{"text":3949,"type":45,"marks":3998},[3999],{"type":52,"attrs":4000},{"color":2075},{"text":4002,"type":45}," — even by just a point or two — that can result in significant savings over the life of your loan.",{"type":56,"attrs":4004,"content":4005},{"level":2272},[4006,4008],{"text":4007,"type":45},"You’re more likely to be approved faster with a private ",{"text":2150,"type":45,"marks":4009},[4010],{"type":52,"attrs":4011},{"color":18},{"type":41,"content":4013},[4014,4016,4020,4022,4026,4028,4033,4035,4040,4042,4047],{"text":4015,"type":45},"Today, most private ",{"text":2529,"type":45,"marks":4017},[4018],{"type":52,"attrs":4019},{"color":2075},{"text":4021,"type":45}," are online. (For that reason, we use the terms “private ",{"text":2150,"type":45,"marks":4023},[4024],{"type":52,"attrs":4025},{"color":2075},{"text":4027,"type":45},"” and “",{"text":4029,"type":45,"marks":4030},"online lender",[4031],{"type":52,"attrs":4032},{"color":2075},{"text":4034,"type":45},"” interchangeably.) Thanks to that robust digital presence, ",{"text":4036,"type":45,"marks":4037},"online lenders",[4038],{"type":52,"attrs":4039},{"color":2075},{"text":4041,"type":45}," usually issue ",{"text":4043,"type":45,"marks":4044},"loan approvals",[4045],{"type":52,"attrs":4046},{"color":2075},{"text":4048,"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":4050,"content":4051},{"level":2272},[4052,4054,4059,4060],{"text":4053,"type":45},"You may need ",{"text":4055,"type":45,"marks":4056},"good credit",[4057],{"type":52,"attrs":4058},{"color":18},{"text":1470,"type":45},{"text":4061,"type":45,"marks":4062},"bank loan",[4063],{"type":52,"attrs":4064},{"color":18},{"type":41,"content":4066},[4067,4069,4074,4076,4083,4085,4089,4091,4098,4100,4105,4107,4111,4113,4118],{"text":4068,"type":45},"You’ll need an ",{"text":4070,"type":45,"marks":4071},"excellent credit score",[4072],{"type":52,"attrs":4073},{"color":2075},{"text":4075,"type":45},", stable income, and a solid financial history to ",{"text":4077,"type":45,"marks":4078},"qualify for a personal loan",[4079,4081],{"type":125,"attrs":4080},{"href":1238,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4082},{"color":1467},{"text":4084,"type":45}," with most banks. Banks typically look at your ",{"text":2169,"type":45,"marks":4086},[4087],{"type":52,"attrs":4088},{"color":2075},{"text":4090,"type":45},", income stability, and ",{"text":1911,"type":45,"marks":4092},[4093,4096],{"type":125,"attrs":4094},{"href":4095,"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":4097},{"color":1467},{"text":4099,"type":45}," to assess your ",{"text":4101,"type":45,"marks":4102},"eligibility",[4103],{"type":52,"attrs":4104},{"color":2075},{"text":4106,"type":45},". Private ",{"text":2529,"type":45,"marks":4108},[4109],{"type":52,"attrs":4110},{"color":2075},{"text":4112,"type":45},", on the other hand, are more flexible and may take collateral or consider a ",{"text":4114,"type":45,"marks":4115},"borrower",[4116],{"type":52,"attrs":4117},{"color":2075},{"text":4119,"type":45},"’s potential for future cash flow.",{"type":56,"attrs":4121,"content":4122},{"level":2272},[4123,4125],{"text":4124,"type":45},"It can be easier to compare rates among private ",{"text":2529,"type":45,"marks":4126},[4127],{"type":52,"attrs":4128},{"color":18},{"type":41,"content":4130},[4131,4133,4137,4139,4144,4146,4150,4152,4156,4158,4163,4164,4172,4174,4178,4180,4186,4188,4192,4194,4198,4200,4204],{"text":4132,"type":45},"Some banks require ",{"text":3812,"type":45,"marks":4134},[4135],{"type":52,"attrs":4136},{"color":2075},{"text":4138,"type":45}," to apply for loans ",{"text":4140,"type":45,"marks":4141},"in person",[4142],{"type":52,"attrs":4143},{"color":2075},{"text":4145,"type":45}," or via mail or email. That makes it tough to shop around efficiently. Most ",{"text":4036,"type":45,"marks":4147},[4148],{"type":52,"attrs":4149},{"color":2075},{"text":4151,"type":45},", on the other hand, let you check your ",{"text":3837,"type":45,"marks":4153},[4154],{"type":52,"attrs":4155},{"color":2075},{"text":4157,"type":45}," online through a process called ",{"text":4159,"type":45,"marks":4160},"prequalification",[4161],{"type":52,"attrs":4162},{"color":2075},{"text":2770,"type":45},{"text":4165,"type":45,"marks":4166},"Prequalification",[4167,4170],{"type":125,"attrs":4168},{"href":4169,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.experian.com/blogs/ask-experian/how-to-prequalify-for-loan/",{"type":52,"attrs":4171},{"color":1467},{"text":4173,"type":45}," will also give you an estimate of what your monthly ",{"text":3011,"type":45,"marks":4175},[4176],{"type":52,"attrs":4177},{"color":2075},{"text":4179,"type":45}," will be. Some online platforms, including ",{"text":1497,"type":45,"marks":4181},[4182,4184],{"type":125,"attrs":4183},{"href":1336,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4185},{"color":1467},{"text":4187,"type":45},", even let you prequalify for multiple ",{"text":2529,"type":45,"marks":4189},[4190],{"type":52,"attrs":4191},{"color":2075},{"text":4193,"type":45}," at once. You can then compare rates and loan features side by side. Unlike filling out a formal application, ",{"text":4159,"type":45,"marks":4195},[4196],{"type":52,"attrs":4197},{"color":2075},{"text":4199,"type":45}," doesn’t require a hard credit check and therefore won’t negatively affect your ",{"text":2758,"type":45,"marks":4201},[4202],{"type":52,"attrs":4203},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":4206,"content":4207},{"level":2272},[4208,4210,4214],{"text":4209,"type":45},"You’ll be able to meet ",{"text":4140,"type":45,"marks":4211},[4212],{"type":52,"attrs":4213},{"color":18},{"text":4215,"type":45}," with someone from the bank",{"type":41,"content":4217},[4218,4220,4224,4226,4230,4232,4237,4239,4244,4246,4251,4253,4257],{"text":4219,"type":45},"If you prefer a hands-on approach and face-to-face conversations with your ",{"text":2150,"type":45,"marks":4221},[4222],{"type":52,"attrs":4223},{"color":2075},{"text":4225,"type":45},", you may want to consider ",{"text":3876,"type":45,"marks":4227},[4228],{"type":52,"attrs":4229},{"color":2075},{"text":4231,"type":45}," from a ",{"text":4233,"type":45,"marks":4234},"traditional bank",[4235],{"type":52,"attrs":4236},{"color":2075},{"text":4238,"type":45},". Banks let you schedule ",{"text":4240,"type":45,"marks":4241},"in-person",[4242],{"type":52,"attrs":4243},{"color":2075},{"text":4245,"type":45}," meetings with loan officers or financial advisors to discuss your ",{"text":4247,"type":45,"marks":4248},"loan options",[4249],{"type":52,"attrs":4250},{"color":2075},{"text":4252,"type":45},", ask questions, and receive personalized guidance. Conversely, ",{"text":4036,"type":45,"marks":4254},[4255],{"type":52,"attrs":4256},{"color":2075},{"text":4258,"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":4260,"content":4261},{"level":2272},[4262],{"text":4263,"type":45},"Banks have a long history of providing loans",{"type":41,"content":4265},[4266,4268,4273,4275,4279,4281,4285,4287,4291,4293,4299,4301,4305,4307,4315],{"text":4267,"type":45},"Banks are established ",{"text":4269,"type":45,"marks":4270},"financial institutions",[4271],{"type":52,"attrs":4272},{"color":2075},{"text":4274,"type":45},", many with long track records of offering various financial services. That extensive lending history usually makes them quite reliable. Many private ",{"text":2529,"type":45,"marks":4276},[4277],{"type":52,"attrs":4278},{"color":2075},{"text":4280,"type":45},", however, are recent additions to the lending landscape. Many lack established reputations, putting the onus on the ",{"text":4114,"type":45,"marks":4282},[4283],{"type":52,"attrs":4284},{"color":2075},{"text":4286,"type":45}," to do extensive research to protect themselves against predatory ",{"text":2529,"type":45,"marks":4288},[4289],{"type":52,"attrs":4290},{"color":2075},{"text":4292,"type":45},". One useful workaround is to borrow through lending marketplaces such as ",{"text":1497,"type":45,"marks":4294},[4295,4297],{"type":125,"attrs":4296},{"href":1336,"uuid":128,"anchor":128,"target":128,"linktype":130},{"type":52,"attrs":4298},{"color":1467},{"text":4300,"type":45},", which vets all the ",{"text":2529,"type":45,"marks":4302},[4303],{"type":52,"attrs":4304},{"color":2075},{"text":4306,"type":45}," on its platform. That way, you know you’re getting matched with a ",{"text":4308,"type":45,"marks":4309},"reputable institution",[4310,4313],{"type":125,"attrs":4311},{"href":4312,"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":4314},{"color":1467},{"text":1348,"type":45},{"type":56,"attrs":4317,"content":4318},{"level":2272},[4319,4321],{"text":4320,"type":45},"Not all banks offer ",{"text":3403,"type":45,"marks":4322},[4323],{"type":52,"attrs":4324},{"color":18},{"type":41,"content":4326},[4327,4329,4333,4335,4339,4341,4345,4347,4352,4353,4357,4359,4364,4366,4374,4376,4380,4382,4386,4388,4392,4394,4398,4400,4404],{"text":4328,"type":45},"Also keep in mind that not all banks offer ",{"text":3403,"type":45,"marks":4330},[4331],{"type":52,"attrs":4332},{"color":2075},{"text":4334,"type":45},". Banks are more likely to tailor their loan products and services to ",{"text":3812,"type":45,"marks":4336},[4337],{"type":52,"attrs":4338},{"color":2075},{"text":4340,"type":45}," with ",{"text":4055,"type":45,"marks":4342},[4343],{"type":52,"attrs":4344},{"color":2075},{"text":4346,"type":45},". As such, they tend to specialize in ",{"text":4348,"type":45,"marks":4349},"checking accounts",[4350],{"type":52,"attrs":4351},{"color":2075},{"text":3064,"type":45},{"text":1273,"type":45,"marks":4354},[4355],{"type":52,"attrs":4356},{"color":2075},{"text":4358,"type":45},", and ",{"text":4360,"type":45,"marks":4361},"small business",[4362],{"type":52,"attrs":4363},{"color":2075},{"text":4365,"type":45}," loans. If you’re specifically ",{"text":4367,"type":45,"marks":4368},"seeking a personal loan",[4369,4372],{"type":125,"attrs":4370},{"href":4371,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://marketplace.navient.com/blog/should-i-get-a-personal-loan/",{"type":52,"attrs":4373},{"color":1467},{"text":4375,"type":45},", you may find a broader range and potentially more favorable terms through ",{"text":4036,"type":45,"marks":4377},[4378],{"type":52,"attrs":4379},{"color":2075},{"text":4381,"type":45},". Some ",{"text":4036,"type":45,"marks":4383},[4384],{"type":52,"attrs":4385},{"color":2075},{"text":4387,"type":45}," even specialize in specific ",{"text":2071,"type":45,"marks":4389},[4390],{"type":52,"attrs":4391},{"color":2075},{"text":4393,"type":45}," or cater to specific types of ",{"text":3812,"type":45,"marks":4395},[4396],{"type":52,"attrs":4397},{"color":2075},{"text":4399,"type":45},", such as people with ",{"text":3288,"type":45,"marks":4401},[4402],{"type":52,"attrs":4403},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":4406,"content":4407},{"level":87},[4408,4410,4414,4416],{"text":4409,"type":45},"The pros and cons of getting a ",{"text":1475,"type":45,"marks":4411},[4412],{"type":52,"attrs":4413},{"color":2075},{"text":4415,"type":45}," through a private ",{"text":2150,"type":45,"marks":4417},[4418],{"type":52,"attrs":4419},{"color":2075},{"type":41,"content":4421},[4422],{"text":4423,"type":45},"So, all that considered, should you get a loan from a private lender or your bank? It all depends on your financial situation and what you’re looking for. 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The loan ",{"text":4638,"type":45,"marks":4645},[4646],{"type":52,"attrs":4647},{"color":2075},{"text":4649,"type":45}," should always be added to the total ",{"text":2568,"type":45,"marks":4651},[4652],{"type":52,"attrs":4653},{"color":2075},{"text":4655,"type":45},", so if you’re asked to pay any fees upfront, consider that a red flag.",{"type":105,"content":4657},[4658],{"type":41,"content":4659},[4660,4664,4666,4670,4672,4676],{"text":4661,"type":45,"marks":4662},"Customer service:",[4663],{"type":113},{"text":4665,"type":45}," Does the ",{"text":2150,"type":45,"marks":4667},[4668],{"type":52,"attrs":4669},{"color":2075},{"text":4671,"type":45}," have a good reputation for customer service? 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Instead, it serves as a bridge, connecting ",{"text":2529,"type":45,"marks":5787},[5788],{"type":52,"attrs":5789},{"color":2075},{"text":2084,"type":45},{"text":3812,"type":45,"marks":5792},[5793],{"type":52,"attrs":5794},{"color":2075},{"text":5796,"type":45},". Here’s how the process works in five basic steps:",{"type":56,"attrs":5798,"content":5799},{"level":2272,"textAlign":128},[5800],{"text":5801,"type":45},"1. Input your information",{"type":41,"attrs":5803,"content":5804},{"textAlign":128},[5805,5807,5811,5813,5817,5819,5826,5828,5833,5835,5840,5842,5846,5848,5853],{"text":5806,"type":45},"First visit the marketplace website to complete a ",{"text":4159,"type":45,"marks":5808},[5809],{"type":52,"attrs":5810},{"color":2075},{"text":5812,"type":45}," form. This form will ask some basic questions about your identity and ",{"text":2169,"type":45,"marks":5814},[5815],{"type":52,"attrs":5816},{"color":2075},{"text":5818,"type":45},". 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If you have a ",{"text":2758,"type":45,"marks":6102},[6103],{"type":52,"attrs":6104},{"color":2075},{"text":6106,"type":45}," below 580, a lot of ",{"text":6108,"type":45,"marks":6109},"credit card debt",[6110],{"type":52,"attrs":6111},{"color":2075},{"text":6113,"type":45},", a high ",{"text":1911,"type":45,"marks":6115},[6116],{"type":52,"attrs":6117},{"color":2075},{"text":6119,"type":45},", or several open ",{"text":3773,"type":45,"marks":6121},[6122],{"type":52,"attrs":6123},{"color":2075},{"text":6125,"type":45},", you may not qualify for many ",{"text":4845,"type":45,"marks":6127},[6128],{"type":52,"attrs":6129},{"color":2075},{"text":1348,"type":45},{"type":56,"attrs":6132,"content":6133},{"level":2272,"textAlign":128},[6134,6136],{"text":6135,"type":45},"3. 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",{"type":6059},{"type":6059},{"type":105,"content":6318},[6319],{"type":41,"attrs":6320,"content":6321},{"textAlign":128},[6322,6328,6331,6337,6340,6341,6346,6348,6353,6355,6359,6361,6362],{"text":6323,"type":45,"marks":6324},"Loan amounts",[6325,6327],{"type":52,"attrs":6326},{"color":2075},{"type":113},{"text":2084,"type":45,"marks":6329},[6330],{"type":113},{"text":6332,"type":45,"marks":6333},"term length",[6334,6336],{"type":52,"attrs":6335},{"color":2075},{"type":113},{"text":2385,"type":45,"marks":6338},[6339],{"type":113},{"text":223,"type":45},{"text":6342,"type":45,"marks":6343},"Personal loan amounts",[6344],{"type":52,"attrs":6345},{"color":2075},{"text":6347,"type":45}," often range from $1,000 to $250,000. ",{"text":6349,"type":45,"marks":6350},"Loan terms",[6351],{"type":52,"attrs":6352},{"color":2075},{"text":6354,"type":45}," vary from six to 144 months. 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But their popularity means there are a lot of ",{"text":4845,"type":45,"marks":6936},[6937],{"type":52,"attrs":6938},{"color":2075},{"text":6940,"type":45}," out there — which can make it hard to zero in on the best option for you.",{"type":41},{"type":41,"content":6943},[6944,6946,6950,6952,6956,6957,6961,6963,6967],{"text":6945,"type":45},"Fortunately, ",{"text":3812,"type":45,"marks":6947},[6948],{"type":52,"attrs":6949},{"color":2075},{"text":6951,"type":45}," these days can use a loan comparison site — sometimes called a lending marketplace — to efficiently sift through available ",{"text":4247,"type":45,"marks":6953},[6954],{"type":52,"attrs":6955},{"color":2075},{"text":2770,"type":45},{"text":1497,"type":45,"marks":6958},[6959],{"type":52,"attrs":6960},{"color":2075},{"text":6962,"type":45}," is one such site, and it’s powered by a financial search tool called ",{"text":5474,"type":45,"marks":6964},[6965],{"type":52,"attrs":6966},{"color":5478},{"text":1348,"type":45},{"type":41},{"type":41,"content":6970},[6971,6973,6977,6979,6983,6985,6989,6991,6995,6997,7001,7003,7007],{"text":6972,"type":45},"Founded more than a decade ago to help streamline the loan search process, ",{"text":5474,"type":45,"marks":6974},[6975],{"type":52,"attrs":6976},{"color":5478},{"text":6978,"type":45}," is a top lending search platform and one of Navient’s trusted partners. 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In 2019 alone, ",{"text":5474,"type":45,"marks":7099},[7100],{"type":52,"attrs":7101},{"color":5478},{"text":7103,"type":45}," originated more than $600 million in ",{"text":3403,"type":45,"marks":7105},[7106],{"type":52,"attrs":7107},{"color":2075},{"text":7109,"type":45}," through ",{"text":7111,"type":45,"marks":7112},"300+ lending partners",[7113,7116],{"type":125,"attrs":7114},{"href":7115,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://fiona.com/learn/partners",{"type":52,"attrs":7117},{"color":1467},{"text":7119,"type":45},". These include some of the most reputable ",{"text":4269,"type":45,"marks":7121},[7122],{"type":52,"attrs":7123},{"color":2075},{"text":7125,"type":45}," in the game, like LendingClub, Best Egg and ",{"text":5754,"type":45,"marks":7127},[7128],{"type":52,"attrs":7129},{"color":2075},{"text":7131,"type":45},". 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They’re also a common tool for ",{"text":2851,"type":45,"marks":7191},[7192,7195],{"type":125,"attrs":7193},{"href":7194,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/what-is-debt-consolidation/",{"type":52,"attrs":7196},{"color":1467},{"text":2770,"type":45},{"text":5474,"type":45,"marks":7199},[7200],{"type":52,"attrs":7201},{"color":5478},{"text":7203,"type":45}," can help you get matched with a number of high-quality ",{"text":7205,"type":45,"marks":7206},"personal loan offers",[7207],{"type":52,"attrs":7208},{"color":2075},{"text":2770,"type":45},{"text":5474,"type":45,"marks":7211},[7212],{"type":52,"attrs":7213},{"color":5478},{"text":7215,"type":45},"’s ",{"text":3403,"type":45,"marks":7217},[7218],{"type":52,"attrs":7219},{"color":2075},{"text":7221,"type":45}," typically fall within these parameters:",{"type":41},{"type":41,"content":7224},[7225,7230,7235],{"text":7226,"type":45,"marks":7227},"●       ",[7228],{"type":52,"attrs":7229},{"color":18},{"text":7231,"type":45,"marks":7232},"Loan amount",[7233],{"type":52,"attrs":7234},{"color":2075},{"text":7236,"type":45},": $1,000 to $250,000",{"type":41,"content":7238},[7239,7243,7248],{"text":7226,"type":45,"marks":7240},[7241],{"type":52,"attrs":7242},{"color":18},{"text":7244,"type":45,"marks":7245},"Loan term",[7246],{"type":52,"attrs":7247},{"color":2075},{"text":7249,"type":45},": 6 to 144 months",{"type":41,"content":7251},[7252,7256],{"text":7226,"type":45,"marks":7253},[7254],{"type":52,"attrs":7255},{"color":18},{"text":7257,"type":45},"APR: From 5.99% (fixed)",{"type":41,"content":7259},[7260,7264,7266,7271],{"text":7226,"type":45,"marks":7261},[7262],{"type":52,"attrs":7263},{"color":18},{"text":7265,"type":45},"Minimum ",{"text":7267,"type":45,"marks":7268},"credit rating",[7269],{"type":52,"attrs":7270},{"color":2075},{"text":7272,"type":45},": 600+ FICO score",{"type":41,"content":7274},[7275,7279,7284,7286],{"text":7226,"type":45,"marks":7276},[7277],{"type":52,"attrs":7278},{"color":18},{"text":7280,"type":45,"marks":7281},"Origination fees",[7282],{"type":52,"attrs":7283},{"color":2075},{"text":7285,"type":45},": Varies by ",{"text":2150,"type":45,"marks":7287},[7288],{"type":52,"attrs":7289},{"color":2075},{"type":56,"attrs":7291,"content":7292},{"level":2272},[7293],{"text":7294,"type":45,"marks":7295},"Student loan refinancing",[7296],{"type":52,"attrs":7297},{"color":18},{"type":41,"content":7299},[7300,7307,7309,7313,7314,7318,7320,7324,7326,7330,7332,7336],{"text":7294,"type":45,"marks":7301},[7302,7305],{"type":125,"attrs":7303},{"href":7304,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://navirefi.com/blog/how-to-refinance-student-loans/",{"type":52,"attrs":7306},{"color":1467},{"text":7308,"type":45}," can help you save money in interest over the life of your loan. If you’re considering a ",{"text":6929,"type":45,"marks":7310},[7311],{"type":52,"attrs":7312},{"color":2075},{"text":3064,"type":45},{"text":5474,"type":45,"marks":7315},[7316],{"type":52,"attrs":7317},{"color":5478},{"text":7319,"type":45}," can help you find ",{"text":5493,"type":45,"marks":7321},[7322],{"type":52,"attrs":7323},{"color":2075},{"text":7325,"type":45}," and better ",{"text":2608,"type":45,"marks":7327},[7328],{"type":52,"attrs":7329},{"color":2075},{"text":7331,"type":45}," for your student debt. All you have to do is enter your current ",{"text":2568,"type":45,"marks":7333},[7334],{"type":52,"attrs":7335},{"color":2075},{"text":7337,"type":45}," and a few personal details.",{"type":41},{"type":41,"content":7340},[7341,7343,7347,7349,7357,7360],{"text":7342,"type":45},"Keep in mind that while refinancing can help you get a lower ",{"text":3912,"type":45,"marks":7344},[7345],{"type":52,"attrs":7346},{"color":2075},{"text":7348,"type":45}," on all types of loans, it’s generally only ",{"text":7350,"type":45,"marks":7351},"recommended for private student loans",[7352,7355],{"type":125,"attrs":7353},{"href":7354,"uuid":128,"anchor":128,"target":128,"linktype":130},"https://www.earnest.com/blog/pros-and-cons-of-refinancing-student-loans/",{"type":52,"attrs":7356},{"color":1467},{"text":1243,"type":45,"marks":7358},[7359],{"type":1247},{"text":1348,"type":45},{"type":56,"attrs":7362,"content":7363},{"level":2272},[7364],{"text":7365,"type":45},"Auto loan refinancing",{"type":41,"content":7367},[7368,7370,7374,7376,7380,7382,7386,7388,7393,7395,7399,7401],{"text":7369,"type":45},"If you’re tired of paying high ",{"text":3837,"type":45,"marks":7371},[7372],{"type":52,"attrs":7373},{"color":2075},{"text":7375,"type":45}," on your auto loan, ",{"text":5474,"type":45,"marks":7377},[7378],{"type":52,"attrs":7379},{"color":5478},{"text":7381,"type":45}," may be able to help you find a better deal. 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\"Button\", \"space\": \"157494\", \"uid\": \"a418180f-c98f-49f7-bc44-96f7e2300218\", \"id\": \"651798176\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"afe3f257-1f50-4371-ab11-40a860876148\", \"id\": \"651798176\"}-->",{"id":128,"alt":128,"name":18,"focus":128,"title":128,"filename":18,"copyright":128,"fieldtype":3603},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"8cbf0cf5-bc8e-4194-807a-58470e409faa\", \"id\": \"651798176\"}-->","https://www.marketplace.navient.com/blog/what-is-moneylion-and-how-does-it-work","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"23c772b8-c7fa-4eb8-a5c5-d412e68482a5\", \"id\": \"651798176\"}-->","what-is-moneylion-and-how-does-it-work","navient_marketplace/blog/what-is-moneylion-and-how-does-it-work",[],"cb4ad6d1-b1ad-4eb2-991e-7970fd83949e",[],{"name":8305,"created_at":8306,"published_at":8307,"updated_at":8308,"id":8309,"uuid":8310,"content":8311,"slug":9486,"full_slug":9487,"sort_by_date":128,"position":9488,"tag_list":9489,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":9490,"first_published_at":9491,"release_id":128,"lang":1412,"path":9492,"alternates":9493,"default_full_slug":128,"translated_slugs":128},"The Quick Guide to Credit Card Refinancing","2025-04-07T18:30:54.798Z","2026-04-01T17:04:37.221Z","2026-04-01T17:04:37.253Z",651798180,"ba04cc80-558f-4d30-87e2-654ea182a391",{"seo":8312,"_uid":8316,"body":8317,"author":30,"category":31,"featured":28,"component":3654,"canonicalTag":9484,"_editable":9485},{"_uid":8313,"title":8314,"plugin":17,"og_image":18,"og_title":18,"description":8315,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"85b2d210-fe99-4da3-baf7-b18a0bfa721f","The Quick Guide to Credit Card Refinancing - NaviRefi","Refinancing your credit card debt can have some serious advantages. Is it right for you? Learn more about how it works here.","c83d7eac-9cdd-4b6c-920c-2aa57fcc60d7",[8318,8329,9469],{"id":2019,"_uid":8319,"image":8320,"intro":8321,"author":2022,"classes":8322,"category":18,"featured":28,"blogTitle":8305,"component":2040,"imageLink":8326,"blendImage":28,"authorRoute":30,"publishedDate":8327,"backgroundColor":29,"_editable":8328},"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. Here’s what you need to know.",[8323],{"_uid":8324,"component":2026,"titleColor":2027,"dateClasses":2028,"titleClasses":2029,"authorClasses":2030,"subtitleColor":2031,"titleMaxWidth":2032,"subtitleClasses":2033,"dateMobileClasses":2034,"titleMobileClasses":2035,"authorMobileClasses":2036,"featuredMobileClasses":2037,"subtitleMobileClasses":2038,"_editable":8325},"22b47677-87f5-4252-83d0-b092f8787fd5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"22b47677-87f5-4252-83d0-b092f8787fd5\", \"id\": \"651798180\"}-->","/images/credit-card-refinancing.png","Updated: May 8, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"5e5cc6f5-6c4d-4230-8cd6-ec1090fbe83b\", \"id\": \"651798180\"}-->",{"_uid":8330,"bloks":8331,"classes":3625,"component":3626,"mobileClasses":18,"containerContent":9467,"_editable":9468},"da917ea5-29e9-4a91-b9a6-ba33144cf2e0",[8332],{"_uid":8333,"bloks":8334,"classes":18,"justify":3572,"component":3623,"mobileClasses":18,"_editable":9466},"057adbf2-8699-4c47-956c-3c1bc9b8f58e",[8335,9440],{"lg":2051,"md":2051,"sm":2052,"_uid":8336,"cols":2052,"bloks":8337,"alignSelf":3572,"component":3573,"_editable":9439},"23bf4cd4-57c7-47d2-b5f4-c112b1e959f8",[8338],{"_uid":8339,"color":36,"classes":2057,"content":18,"richText":8340,"component":3565,"mobileClasses":3566,"enableRichText":3567,"richTextMobile":9435,"_editable":9438},"b816e64b-bbac-471d-b6f7-956a6f0d06f0",{"type":38,"content":8341},[8342,8348,8355,8363,8402,8411,8431,8440,8447,8455,8462,8510,8518,8525,8533,8592,8600,8607,8614,8623,8630,8639,8658,8679,8688,8722,8731,8738,8821,8822,8831,8838,8887,8896,8916,8925,8945,8965,8974,8981,9062,9063,9072,9079,9170,9179,9188,9195,9202,9231,9251,9260,9267,9274,9283,9290,9297,9304,9325,9334,9355,9375,9384,9391,9398,9418,9426],{"type":41,"content":8343},[8344],{"text":44,"type":45,"marks":8345},[8346],{"type":52,"attrs":8347},{"color":54},{"type":41,"content":8349},[8350],{"text":8351,"type":45,"marks":8352},"Credit card refinancing can help you save money on interest and simplify your monthly payments. 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. ",[8353],{"type":52,"attrs":8354},{"color":54},{"type":56,"attrs":8356,"content":8357},{"level":87},[8358],{"text":3743,"type":45,"marks":8359},[8360,8361],{"type":113},{"type":52,"attrs":8362},{"color":54},{"type":102,"content":8364},[8365,8374,8393],{"type":105,"content":8366},[8367],{"type":41,"content":8368},[8369],{"text":8370,"type":45,"marks":8371},"If you’re overwhelmed with credit card debt, refinancing can help you consolidate and simplify your payments. ",[8372],{"type":52,"attrs":8373},{"color":54},{"type":105,"content":8375},[8376],{"type":41,"content":8377},[8378,8383,8389],{"text":8379,"type":45,"marks":8380},"Credit card refinancing can help you secure a lower interest rate on your debt, saving you money in the long run",[8381],{"type":52,"attrs":8382},{"color":128},{"text":1243,"type":45,"marks":8384},[8385,8387],{"type":48,"attrs":8386},{"class":1247},{"type":52,"attrs":8388},{"color":128},{"text":1920,"type":45,"marks":8390},[8391],{"type":52,"attrs":8392},{"color":128},{"type":105,"content":8394},[8395],{"type":41,"content":8396},[8397],{"text":8398,"type":45,"marks":8399},"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. ",[8400],{"type":52,"attrs":8401},{"color":128},{"type":56,"attrs":8403,"content":8404},{"level":87},[8405],{"text":8406,"type":45,"marks":8407},"What is credit card refinancing? ",[8408,8409],{"type":113},{"type":52,"attrs":8410},{"color":54},{"type":41,"content":8412},[8413,8418,8422,8426],{"text":8414,"type":45,"marks":8415},"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. ",[8416],{"type":52,"attrs":8417},{"color":54},{"type":6059,"marks":8419},[8420],{"type":52,"attrs":8421},{"color":128},{"type":6059,"marks":8423},[8424],{"type":52,"attrs":8425},{"color":128},{"text":8427,"type":45,"marks":8428},"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. ",[8429],{"type":52,"attrs":8430},{"color":128},{"type":56,"attrs":8432,"content":8433},{"level":87},[8434],{"text":8435,"type":45,"marks":8436},"Benefits of refinancing credit card debt",[8437,8438],{"type":113},{"type":52,"attrs":8439},{"color":54},{"type":41,"content":8441},[8442],{"text":8443,"type":45,"marks":8444},"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.  ",[8445],{"type":52,"attrs":8446},{"color":54},{"type":56,"attrs":8448,"content":8449},{"level":2272},[8450],{"text":8451,"type":45,"marks":8452},"You can lower your interest rate",[8453],{"type":52,"attrs":8454},{"color":54},{"type":41,"content":8456},[8457],{"text":8458,"type":45,"marks":8459},"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. ",[8460],{"type":52,"attrs":8461},{"color":54},{"type":41,"content":8463},[8464,8469,8478,8483,8492,8497,8501,8505],{"text":8465,"type":45,"marks":8466},"In recent years, the average credit card interest rate has ",[8467],{"type":52,"attrs":8468},{"color":54},{"text":8470,"type":45,"marks":8471},"topped 20%",[8472,8475,8477],{"type":125,"attrs":8473},{"href":8474,"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":8476},{"color":128},{"type":134},{"text":8479,"type":45,"marks":8480},", according to Federal Reserve data. Personal loans, however, currently have rates hovering ",[8481],{"type":52,"attrs":8482},{"color":128},{"text":8484,"type":45,"marks":8485},"around 10%",[8486,8489,8491],{"type":125,"attrs":8487},{"href":8488,"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":8490},{"color":128},{"type":134},{"text":8493,"type":45,"marks":8494},". 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. ",[8495],{"type":52,"attrs":8496},{"color":128},{"type":6059,"marks":8498},[8499],{"type":52,"attrs":8500},{"color":128},{"type":6059,"marks":8502},[8503],{"type":52,"attrs":8504},{"color":128},{"text":8506,"type":45,"marks":8507},"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. ",[8508],{"type":52,"attrs":8509},{"color":128},{"type":56,"attrs":8511,"content":8512},{"level":2272},[8513],{"text":8514,"type":45,"marks":8515},"You’ll pay down debt faster",[8516],{"type":52,"attrs":8517},{"color":54},{"type":41,"content":8519},[8520],{"text":8521,"type":45,"marks":8522},"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. ",[8523],{"type":52,"attrs":8524},{"color":54},{"type":56,"attrs":8526,"content":8527},{"level":2272},[8528],{"text":8529,"type":45,"marks":8530},"You’ll improve your credit",[8531],{"type":52,"attrs":8532},{"color":54},{"type":41,"content":8534},[8535,8540,8549,8554,8558,8562,8567,8569,8573,8578,8587],{"text":8536,"type":45,"marks":8537},"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 ",[8538],{"type":52,"attrs":8539},{"color":54},{"text":8541,"type":45,"marks":8542},"improve your creditworthiness",[8543,8546,8548],{"type":125,"attrs":8544},{"href":8545,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.credit.com/credit-repair/how-to-improve-credit-score/",{"type":52,"attrs":8547},{"color":128},{"type":134},{"text":8550,"type":45,"marks":8551},". Of course, this is conditional on you making on-time payments and not racking up more debt—including new credit card bills—post-refinance.",[8552],{"type":52,"attrs":8553},{"color":128},{"type":6059,"marks":8555},[8556],{"type":52,"attrs":8557},{"color":128},{"type":6059,"marks":8559},[8560],{"type":52,"attrs":8561},{"color":128},{"text":8563,"type":45,"marks":8564},"Do note, however, that your credit score may temporarily dip just after you refinance. This is due to ",[8565],{"type":52,"attrs":8566},{"color":128},{"text":8568,"type":45},"the ",{"text":6487,"type":45,"marks":8570},[8571],{"type":125,"attrs":8572},{"href":5943,"uuid":128,"anchor":128,"target":129,"linktype":130},{"text":8574,"type":45,"marks":8575}," your new lender will have to perform to approve you for the new loan. This dip will usually be ",[8576],{"type":52,"attrs":8577},{"color":128},{"text":8579,"type":45,"marks":8580},"just a few points",[8581,8584,8586],{"type":125,"attrs":8582},{"href":8583,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.experian.com/blogs/ask-experian/heres-how-refinancing-affects-your-credit/",{"type":52,"attrs":8585},{"color":128},{"type":134},{"text":8588,"type":45,"marks":8589},", and your credit score will soon recover.",[8590],{"type":52,"attrs":8591},{"color":128},{"type":56,"attrs":8593,"content":8594},{"level":2272},[8595],{"text":8596,"type":45,"marks":8597},"You can consolidate multiple credit cards into one loan",[8598],{"type":52,"attrs":8599},{"color":54},{"type":41,"content":8601},[8602],{"text":8603,"type":45,"marks":8604},"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. ",[8605],{"type":52,"attrs":8606},{"color":54},{"type":41,"content":8608},[8609],{"text":8610,"type":45,"marks":8611},"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. ",[8612],{"type":52,"attrs":8613},{"color":54},{"type":56,"attrs":8615,"content":8616},{"level":87},[8617],{"text":8618,"type":45,"marks":8619},"Two common methods of credit card refinancing ",[8620,8621],{"type":113},{"type":52,"attrs":8622},{"color":54},{"type":41,"content":8624},[8625],{"text":8626,"type":45,"marks":8627},"There are two popular methods for refinancing credit card debt: personal loans and balance transfer cards. Let’s talk about each. ",[8628],{"type":52,"attrs":8629},{"color":54},{"type":56,"attrs":8631,"content":8632},{"level":2272},[8633],{"text":8634,"type":45,"marks":8635},"Using a personal loan for credit card refinancing ",[8636,8637],{"type":113},{"type":52,"attrs":8638},{"color":54},{"type":41,"content":8640},[8641,8646,8653],{"text":8642,"type":45,"marks":8643},"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 ",[8644],{"type":52,"attrs":8645},{"color":54},{"text":3507,"type":45,"marks":8647},[8648,8650,8652],{"type":125,"attrs":8649},{"href":5608,"uuid":128,"anchor":128,"target":129,"linktype":130},{"type":52,"attrs":8651},{"color":128},{"type":134},{"text":8654,"type":45,"marks":8655},". 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. ",[8656],{"type":52,"attrs":8657},{"color":128},{"type":41,"content":8659},[8660,8665,8674],{"text":8661,"type":45,"marks":8662},"To qualify for those lower loan rates, you’ll typically need a credit score of ",[8663],{"type":52,"attrs":8664},{"color":128},{"text":8666,"type":45,"marks":8667},"670 or higher",[8668,8671,8673],{"type":125,"attrs":8669},{"href":8670,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.debt.org/credit/cards/refinancing/",{"type":52,"attrs":8672},{"color":128},{"type":134},{"text":8675,"type":45,"marks":8676},". 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.  ",[8677],{"type":52,"attrs":8678},{"color":128},{"type":56,"attrs":8680,"content":8681},{"level":2508},[8682],{"text":8683,"type":45,"marks":8684},"What to look for in a credit card debt consolidation loan ",[8685,8686],{"type":113},{"type":52,"attrs":8687},{"color":54},{"type":41,"content":8689},[8690,8695,8704,8709,8713,8717],{"text":8691,"type":45,"marks":8692},"Before you take out a personal loan, shop around and compare lenders. This will give you a better idea of the ",[8693],{"type":52,"attrs":8694},{"color":54},{"text":8696,"type":45,"marks":8697},"best personal loan",[8698,8701,8703],{"type":125,"attrs":8699},{"href":8700,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.cnbc.com/select/best-personal-loans/",{"type":52,"attrs":8702},{"color":128},{"type":134},{"text":8705,"type":45,"marks":8706}," offers available to you. ",[8707],{"type":52,"attrs":8708},{"color":128},{"type":6059,"marks":8710},[8711],{"type":52,"attrs":8712},{"color":128},{"type":6059,"marks":8714},[8715],{"type":52,"attrs":8716},{"color":128},{"text":8718,"type":45,"marks":8719},"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. ",[8720],{"type":52,"attrs":8721},{"color":128},{"type":56,"attrs":8723,"content":8724},{"level":2508},[8725],{"text":8726,"type":45,"marks":8727},"Pros of debt consolidation loans ",[8728,8729],{"type":113},{"type":52,"attrs":8730},{"color":54},{"type":41,"content":8732},[8733],{"text":8734,"type":45,"marks":8735},"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. ",[8736],{"type":52,"attrs":8737},{"color":54},{"type":1590,"attrs":8739,"content":8741},{"order":8740},{"order":58},[8742,8757,8772,8787,8802],{"type":105,"content":8743},[8744],{"type":41,"content":8745},[8746,8752],{"text":8747,"type":45,"marks":8748},"Streamlined debt management: ",[8749,8750],{"type":113},{"type":52,"attrs":8751},{"color":54},{"text":8753,"type":45,"marks":8754},"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. ",[8755],{"type":52,"attrs":8756},{"color":128},{"type":105,"content":8758},[8759],{"type":41,"content":8760},[8761,8767],{"text":8762,"type":45,"marks":8763},"Easy application process:",[8764,8765],{"type":113},{"type":52,"attrs":8766},{"color":128},{"text":8768,"type":45,"marks":8769}," 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.",[8770],{"type":52,"attrs":8771},{"color":128},{"type":105,"content":8773},[8774],{"type":41,"content":8775},[8776,8782],{"text":8777,"type":45,"marks":8778},"Lower monthly payments: ",[8779,8780],{"type":113},{"type":52,"attrs":8781},{"color":128},{"text":8783,"type":45,"marks":8784},"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. ",[8785],{"type":52,"attrs":8786},{"color":128},{"type":105,"content":8788},[8789],{"type":41,"content":8790},[8791,8797],{"text":8792,"type":45,"marks":8793},"Big savings: ",[8794,8795],{"type":113},{"type":52,"attrs":8796},{"color":128},{"text":8798,"type":45,"marks":8799},"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. ",[8800],{"type":52,"attrs":8801},{"color":128},{"type":105,"content":8803},[8804,8817],{"type":41,"content":8805},[8806,8812],{"text":8807,"type":45,"marks":8808},"No collateral required: ",[8809,8810],{"type":113},{"type":52,"attrs":8811},{"color":128},{"text":8813,"type":45,"marks":8814},"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. ",[8815],{"type":52,"attrs":8816},{"color":128},{"type":41,"content":8818},[8819],{"text":8820,"type":45},"  ",{"type":41},{"type":56,"attrs":8823,"content":8824},{"level":2508},[8825],{"text":8826,"type":45,"marks":8827},"Cons of debt consolidation loans ",[8828,8829],{"type":113},{"type":52,"attrs":8830},{"color":54},{"type":41,"content":8832},[8833],{"text":8834,"type":45,"marks":8835},"Taking out a personal loan to consolidate your debt isn’t for everyone. Here are a few potential drawbacks. ",[8836],{"type":52,"attrs":8837},{"color":54},{"type":1590,"attrs":8839,"content":8841},{"order":8840},{"order":58},[8842,8857,8872],{"type":105,"content":8843},[8844],{"type":41,"content":8845},[8846,8852],{"text":8847,"type":45,"marks":8848},"Disproportionate fees for small balances: ",[8849,8850],{"type":113},{"type":52,"attrs":8851},{"color":54},{"text":8853,"type":45,"marks":8854},"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. ",[8855],{"type":52,"attrs":8856},{"color":128},{"type":105,"content":8858},[8859],{"type":41,"content":8860},[8861,8867],{"text":8862,"type":45,"marks":8863},"Strict credit requirements: ",[8864,8865],{"type":113},{"type":52,"attrs":8866},{"color":128},{"text":8868,"type":45,"marks":8869},"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.",[8870],{"type":52,"attrs":8871},{"color":128},{"type":105,"content":8873},[8874],{"type":41,"content":8875},[8876,8882],{"text":8877,"type":45,"marks":8878},"Impact to your credit score: ",[8879,8880],{"type":113},{"type":52,"attrs":8881},{"color":128},{"text":8883,"type":45,"marks":8884},"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. ",[8885],{"type":52,"attrs":8886},{"color":128},{"type":56,"attrs":8888,"content":8889},{"level":2272},[8890],{"text":8891,"type":45,"marks":8892},"Using a balance transfer for credit card refinancing ",[8893,8894],{"type":113},{"type":52,"attrs":8895},{"color":54},{"type":41,"content":8897},[8898,8903,8907,8911],{"text":8899,"type":45,"marks":8900},"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. ",[8901],{"type":52,"attrs":8902},{"color":54},{"type":6059,"marks":8904},[8905],{"type":52,"attrs":8906},{"color":128},{"type":6059,"marks":8908},[8909],{"type":52,"attrs":8910},{"color":128},{"text":8912,"type":45,"marks":8913},"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. ",[8914],{"type":52,"attrs":8915},{"color":128},{"type":56,"attrs":8917,"content":8918},{"level":2508},[8919],{"text":8920,"type":45,"marks":8921},"What to look for in a balance transfer card ",[8922,8923],{"type":113},{"type":52,"attrs":8924},{"color":54},{"type":41,"content":8926},[8927,8931,8940],{"text":3025,"type":45,"marks":8928},[8929],{"type":52,"attrs":8930},{"color":54},{"text":8932,"type":45,"marks":8933},"best balance transfer cards",[8934,8937,8939],{"type":125,"attrs":8935},{"href":8936,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.nerdwallet.com/best/credit-cards/balance-transfer",{"type":52,"attrs":8938},{"color":128},{"type":134},{"text":8941,"type":45,"marks":8942}," 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. ",[8943],{"type":52,"attrs":8944},{"color":128},{"type":41,"content":8946},[8947,8952,8956,8960],{"text":8948,"type":45,"marks":8949},"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. ",[8950],{"type":52,"attrs":8951},{"color":54},{"type":6059,"marks":8953},[8954],{"type":52,"attrs":8955},{"color":128},{"type":6059,"marks":8957},[8958],{"type":52,"attrs":8959},{"color":128},{"text":8961,"type":45,"marks":8962},"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. ",[8963],{"type":52,"attrs":8964},{"color":128},{"type":56,"attrs":8966,"content":8967},{"level":2508},[8968],{"text":8969,"type":45,"marks":8970},"Pros of balance transfer cards",[8971,8972],{"type":113},{"type":52,"attrs":8973},{"color":54},{"type":41,"content":8975},[8976],{"text":8977,"type":45,"marks":8978},"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.",[8979],{"type":52,"attrs":8980},{"color":54},{"type":1590,"attrs":8982,"content":8984},{"order":8983},{"order":58},[8985,9000,9015,9030],{"type":105,"content":8986},[8987],{"type":41,"content":8988},[8989,8995],{"text":8990,"type":45,"marks":8991},"Significant savings: ",[8992,8993],{"type":113},{"type":52,"attrs":8994},{"color":54},{"text":8996,"type":45,"marks":8997},"Many balance transfer cards offer an introductory 0% APR, which can save you hundreds of dollars in interest charges. ",[8998],{"type":52,"attrs":8999},{"color":128},{"type":105,"content":9001},[9002],{"type":41,"content":9003},[9004,9010],{"text":9005,"type":45,"marks":9006},"Faster debt repayment: ",[9007,9008],{"type":113},{"type":52,"attrs":9009},{"color":128},{"text":9011,"type":45,"marks":9012},"With 0% APR, your entire monthly payment goes toward paying off your principal. This can accelerate your progress toward a debt-free future. ",[9013],{"type":52,"attrs":9014},{"color":128},{"type":105,"content":9016},[9017],{"type":41,"content":9018},[9019,9025],{"text":9020,"type":45,"marks":9021},"Easy application process: ",[9022,9023],{"type":113},{"type":52,"attrs":9024},{"color":128},{"text":9026,"type":45,"marks":9027},"You can apply for a balance transfer card online and can get a decision within a business day.",[9028],{"type":52,"attrs":9029},{"color":128},{"type":105,"content":9031},[9032,9059],{"type":41,"content":9033},[9034,9040,9045,9054],{"text":9035,"type":45,"marks":9036},"Ideal for high-interest credit card debt: ",[9037,9038],{"type":113},{"type":52,"attrs":9039},{"color":128},{"text":9041,"type":45,"marks":9042},"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 ",[9043],{"type":52,"attrs":9044},{"color":128},{"text":9046,"type":45,"marks":9047},"debt avalanche method",[9048,9051,9053],{"type":125,"attrs":9049},{"href":9050,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.bankrate.com/personal-finance/debt/debt-avalanche-method/",{"type":52,"attrs":9052},{"color":128},{"type":134},{"text":9055,"type":45,"marks":9056}," and save you a ton of money in interest charges.",[9057],{"type":52,"attrs":9058},{"color":128},{"type":41,"content":9060},[9061],{"text":8820,"type":45},{"type":41},{"type":56,"attrs":9064,"content":9065},{"level":2508},[9066],{"text":9067,"type":45,"marks":9068},"Cons of balance transfer cards",[9069,9070],{"type":113},{"type":52,"attrs":9071},{"color":54},{"type":41,"content":9073},[9074],{"text":9075,"type":45,"marks":9076},"Balance transfer cards aren’t ideal for those with high balances or long expected repayment terms.",[9077],{"type":52,"attrs":9078},{"color":54},{"type":1590,"attrs":9080,"content":9082},{"order":9081},{"order":58},[9083,9098,9113,9142],{"type":105,"content":9084},[9085],{"type":41,"content":9086},[9087,9093],{"text":9088,"type":45,"marks":9089},"Low balance limits: ",[9090,9091],{"type":113},{"type":52,"attrs":9092},{"color":54},{"text":9094,"type":45,"marks":9095},"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. ",[9096],{"type":52,"attrs":9097},{"color":128},{"type":105,"content":9099},[9100],{"type":41,"content":9101},[9102,9108],{"text":9103,"type":45,"marks":9104},"Potential fees: ",[9105,9106],{"type":113},{"type":52,"attrs":9107},{"color":128},{"text":9109,"type":45,"marks":9110},"Many cards charge balance transfer fees which are often around 3%. ",[9111],{"type":52,"attrs":9112},{"color":128},{"type":105,"content":9114},[9115],{"type":41,"content":9116},[9117,9123,9128,9137],{"text":9118,"type":45,"marks":9119},"Required credit score: ",[9120,9121],{"type":113},{"type":52,"attrs":9122},{"color":128},{"text":9124,"type":45,"marks":9125},"You need a ",[9126],{"type":52,"attrs":9127},{"color":128},{"text":9129,"type":45,"marks":9130},"good to excellent credit score",[9131,9134,9136],{"type":125,"attrs":9132},{"href":9133,"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":9135},{"color":128},{"type":134},{"text":9138,"type":45,"marks":9139},"—usually at least 670—to qualify for these cards.",[9140],{"type":52,"attrs":9141},{"color":128},{"type":105,"content":9143},[9144],{"type":41,"content":9145},[9146,9152,9157,9166],{"text":9147,"type":45,"marks":9148},"High post-introductory-period APR: ",[9149,9150],{"type":113},{"type":52,"attrs":9151},{"color":128},{"text":9153,"type":45,"marks":9154},"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 ",[9155],{"type":52,"attrs":9156},{"color":128},{"text":9158,"type":45,"marks":9159},"17 to 30%",[9160,9163,9165],{"type":125,"attrs":9161},{"href":9162,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://time.com/nextadvisor/credit-cards/pros-cons-balance-transfer-credit-cards/",{"type":52,"attrs":9164},{"color":128},{"type":134},{"text":1348,"type":45,"marks":9167},[9168],{"type":52,"attrs":9169},{"color":128},{"type":56,"attrs":9171,"content":9172},{"level":87},[9173],{"text":9174,"type":45,"marks":9175},"Alternatives to using a personal loan for credit card refinancing ",[9176,9177],{"type":113},{"type":52,"attrs":9178},{"color":54},{"type":56,"attrs":9180,"content":9181},{"level":2272},[9182],{"text":9183,"type":45,"marks":9184},"The debt avalanche method",[9185,9186],{"type":113},{"type":52,"attrs":9187},{"color":54},{"type":41,"content":9189},[9190],{"text":9191,"type":45,"marks":9192},"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.",[9193],{"type":52,"attrs":9194},{"color":54},{"type":41,"content":9196},[9197],{"text":9198,"type":45,"marks":9199},"Let's say that—excluding your mortgage—you have the following debts: ",[9200],{"type":52,"attrs":9201},{"color":54},{"type":102,"content":9203},[9204,9213,9222],{"type":105,"content":9205},[9206],{"type":41,"content":9207},[9208],{"text":9209,"type":45,"marks":9210},"$10,000 in student loans at a 6% rate",[9211],{"type":52,"attrs":9212},{"color":54},{"type":105,"content":9214},[9215],{"type":41,"content":9216},[9217],{"text":9218,"type":45,"marks":9219},"$5,000 in credit card debt at 10% ",[9220],{"type":52,"attrs":9221},{"color":128},{"type":105,"content":9223},[9224],{"type":41,"content":9225},[9226],{"text":9227,"type":45,"marks":9228},"$2,000 in car loans at 2%",[9229],{"type":52,"attrs":9230},{"color":128},{"type":41,"content":9232},[9233,9238,9242,9246],{"text":9234,"type":45,"marks":9235},"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.",[9236],{"type":52,"attrs":9237},{"color":54},{"type":6059,"marks":9239},[9240],{"type":52,"attrs":9241},{"color":128},{"type":6059,"marks":9243},[9244],{"type":52,"attrs":9245},{"color":128},{"text":9247,"type":45,"marks":9248},"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.",[9249],{"type":52,"attrs":9250},{"color":128},{"type":56,"attrs":9252,"content":9253},{"level":2272},[9254],{"text":9255,"type":45,"marks":9256},"Debt snowball method",[9257,9258],{"type":113},{"type":52,"attrs":9259},{"color":54},{"type":41,"content":9261},[9262],{"text":9263,"type":45,"marks":9264},"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.",[9265],{"type":52,"attrs":9266},{"color":54},{"type":41,"content":9268},[9269],{"text":9270,"type":45,"marks":9271},"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. ",[9272],{"type":52,"attrs":9273},{"color":54},{"type":56,"attrs":9275,"content":9276},{"level":2272},[9277],{"text":9278,"type":45,"marks":9279},"Home equity line of credit (HELOC)",[9280,9281],{"type":113},{"type":52,"attrs":9282},{"color":54},{"type":41,"content":9284},[9285],{"text":9286,"type":45,"marks":9287},"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.",[9288],{"type":52,"attrs":9289},{"color":54},{"type":41,"content":9291},[9292],{"text":9293,"type":45,"marks":9294},"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.",[9295],{"type":52,"attrs":9296},{"color":128},{"type":41,"content":9298},[9299],{"text":9300,"type":45,"marks":9301},"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. ",[9302],{"type":52,"attrs":9303},{"color":54},{"type":41,"content":9305},[9306,9311,9320],{"text":9307,"type":45,"marks":9308},"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 ",[9309],{"type":52,"attrs":9310},{"color":54},{"text":9312,"type":45,"marks":9313},"closing costs",[9314,9317,9319],{"type":125,"attrs":9315},{"href":9316,"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":9318},{"color":128},{"type":134},{"text":9321,"type":45,"marks":9322},", 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. And remember, since you’re taking out a loan against your home, you risk losing it should you fail to make your payments.",[9323],{"type":52,"attrs":9324},{"color":128},{"type":56,"attrs":9326,"content":9327},{"level":2272},[9328],{"text":9329,"type":45,"marks":9330},"Debt settlement ",[9331,9332],{"type":113},{"type":52,"attrs":9333},{"color":54},{"type":41,"content":9335},[9336,9341,9350],{"text":9337,"type":45,"marks":9338},"Debt settlement is a legal process in which you negotiate with your creditors to accept less than the total amount owed. A third party usually manages this process. If you’re considering debt settlement, you should start by speaking with a credit counselor. ",[9339],{"type":52,"attrs":9340},{"color":54},{"text":9342,"type":45,"marks":9343},"Credit counseling organizations",[9344,9347,9349],{"type":125,"attrs":9345},{"href":9346,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.consumerfinance.gov/ask-cfpb/whats-the-difference-between-a-credit-counselor-and-a-debt-settlement-or-debt-relief-company-en-1449/",{"type":52,"attrs":9348},{"color":128},{"type":134},{"text":9351,"type":45,"marks":9352}," are often non-profits, so they’re more likely to offer you affordable, unbiased advice than for-profit debt settlement companies. They can sometimes negotiate with your creditors to help you secure a lower monthly payment. Credit counseling can also help you formulate a plan for staying out of debt after settlement.",[9353],{"type":52,"attrs":9354},{"color":128},{"type":41,"content":9356},[9357,9362,9371],{"text":9358,"type":45,"marks":9359},"Note that the settlement process can negatively affect your credit score, so if your goal is to repair your credit, debt settlement is not recommended. What’s more, it can come with hefty fees. Debt settlement companies charge based on how much money they can save you, and it’s not uncommon to see ",[9360],{"type":52,"attrs":9361},{"color":54},{"text":9363,"type":45,"marks":9364},"fees between 15 and 25%",[9365,9368,9370],{"type":125,"attrs":9366},{"href":9367,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://www.incharge.org/debt-relief/debt-settlement/#:~:text=Debt%20settlement%20companies%20charge%20a,that%20cut%20into%20their%20savings.",{"type":52,"attrs":9369},{"color":128},{"type":134},{"text":1348,"type":45,"marks":9372},[9373],{"type":52,"attrs":9374},{"color":128},{"type":56,"attrs":9376,"content":9377},{"level":87},[9378],{"text":9379,"type":45,"marks":9380},"How much could you save with NaviRefi? ",[9381,9382],{"type":113},{"type":52,"attrs":9383},{"color":54},{"type":41,"content":9385},[9386],{"text":9387,"type":45,"marks":9388},"Credit card refinancing can help you save money on interest and become debt-free faster. Just be aware of the fees and penalties that come with your chosen method. ",[9389],{"type":52,"attrs":9390},{"color":54},{"type":41,"content":9392},[9393],{"text":9394,"type":45,"marks":9395},"Balance transfers can be effective, but they come with lots of hoops to jump through. Personal loans are more popular, but they can be hard on borrowers with bad credit. And of course, there are alternatives to both of these, like paying off your debt via the snowball method, or considering some secured loan options like home equity loans. There’s no right answer for everyone. ",[9396],{"type":52,"attrs":9397},{"color":54},{"type":41,"content":9399},[9400,9405,9414],{"text":9401,"type":45,"marks":9402},"Ready to refinance your credit card debt? See how much you could save with a low-interest loan ",[9403],{"type":52,"attrs":9404},{"color":54},{"text":9406,"type":45,"marks":9407},"from NaviRefi",[9408,9411,9413],{"type":125,"attrs":9409},{"href":9410,"uuid":128,"anchor":128,"target":129,"linktype":130},"https://navirefi.com/",{"type":52,"attrs":9412},{"color":128},{"type":134},{"text":1920,"type":45,"marks":9415},[9416],{"type":52,"attrs":9417},{"color":128},{"type":41,"content":9419},[9420],{"text":1355,"type":45,"marks":9421},[9422,9424],{"type":48,"attrs":9423},{"class":50},{"type":52,"attrs":9425},{"color":54},{"type":41,"content":9427},[9428],{"text":9429,"type":45,"marks":9430},"1 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for total cost of your refinanced loan.",[9431,9433],{"type":48,"attrs":9432},{"class":50},{"type":52,"attrs":9434},{"color":54},{"type":38,"content":9436},[9437],{"type":41},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"b816e64b-bbac-471d-b6f7-956a6f0d06f0\", \"id\": \"651798180\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"23bf4cd4-57c7-47d2-b5f4-c112b1e959f8\", \"id\": 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\"651798180\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":9470,"cols":18,"height":18,"classes":3631,"columns":9471,"justify":18,"maxWidth":3648,"component":3649,"colClasses":3650,"rowClasses":18,"mobileClasses":3651,"backgroundColor":18,"backgroundImage":9482,"containerClasses":18,"useBackgroundImage":28,"_editable":9483},"9fcf50e7-5700-4031-b46c-ede82490e134",[9472],{"_uid":9473,"component":3635,"backToTopBtn":9474,"_editable":9481},"3ac77ae5-f537-4d3b-967d-417bb28f2252",[9475],{"url":9476,"_uid":9477,"icon":9478,"text":3642,"color":3605,"event":18,"sizing":9479,"classes":3644,"rounded":28,"outlined":28,"component":3645,"textColor":3595,"hoverBgColor":3595,"mobileClasses":18,"hoverTextColor":3605,"navigationType":18,"_editable":9480},{"id":18,"url":18,"linktype":3639,"fieldtype":3600,"cached_url":18},"ea278797-eb7b-4a6f-b8b9-445682999aa5",{"id":128,"alt":128,"name":18,"focus":128,"title":128,"filename":18,"copyright":128,"fieldtype":3603},[],"\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"ea278797-eb7b-4a6f-b8b9-445682999aa5\", \"id\": \"651798180\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"3ac77ae5-f537-4d3b-967d-417bb28f2252\", \"id\": \"651798180\"}-->",{"id":128,"alt":128,"name":18,"focus":128,"title":128,"filename":18,"copyright":128,"fieldtype":3603},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"9fcf50e7-5700-4031-b46c-ede82490e134\", \"id\": \"651798180\"}-->","https://www.marketplace.navient.com/blog/credit-card-refinancing/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"c83d7eac-9cdd-4b6c-920c-2aa57fcc60d7\", \"id\": \"651798180\"}-->","credit-card-refinancing","navient_marketplace/blog/credit-card-refinancing",-100,[],"c25ce306-186b-4a5f-88a3-f818d5590431","2023-05-30T16:41:37.548Z","blog/credit-card-refinancing/",[],{"name":9495,"created_at":9496,"published_at":9497,"updated_at":9498,"id":9499,"uuid":9500,"content":9501,"slug":10329,"full_slug":10330,"sort_by_date":128,"position":10331,"tag_list":10332,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":10333,"first_published_at":10334,"release_id":128,"lang":1412,"path":10335,"alternates":10336,"default_full_slug":128,"translated_slugs":128},"What is a Personal Loan?","2025-04-07T18:31:41.681Z","2026-04-01T17:17:08.300Z","2026-04-01T17:17:08.323Z",651798212,"05da79f1-7a78-4daf-a4e0-91946ace1eb1",{"seo":9502,"_uid":9506,"body":9507,"author":9519,"category":31,"featured":28,"component":3654,"canonicalTag":10327,"_editable":10328},{"_uid":9503,"title":9504,"plugin":17,"og_image":18,"og_title":18,"description":9505,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"6e279110-4da0-48c0-8e96-3269c04f3ee5","What is a Personal Loan? - Navient Marketplace","What is a personal loan? Get the complete guide here: Definitions, loan types, how personal loans work, plus fees, terms, APRs, alternatives, and more. ","24614723-3c23-4d4f-990b-c49a1b45edce",[9508,9522,10312],{"id":2019,"_uid":9509,"image":9510,"intro":9511,"author":9512,"classes":9513,"category":18,"featured":28,"blogTitle":9495,"component":2040,"imageLink":9518,"blendImage":28,"authorRoute":9519,"publishedDate":9520,"backgroundColor":29,"_editable":9521},"02557530-adb9-49fb-9319-277497a70cb8","//a.storyblok.com/f/110029/800x533/1fb9f8db2b/what-is-a-personal-loan.png","If your short-term goals require immediate funds, a personal loan can be a reliable option. Here's what you need to know.","Curt Kirby",[9514],{"_uid":9515,"component":2026,"titleColor":2027,"dateClasses":2028,"titleClasses":9516,"authorClasses":2030,"subtitleColor":2031,"subtitleClasses":2033,"dateMobileClasses":2034,"titleMobileClasses":2035,"authorMobileClasses":2036,"featuredMobileClasses":2037,"subtitleMobileClasses":2038,"_editable":9517},"6bc0d925-925b-40e2-8cb5-ac30d0086187","text-h4 mt-6 font-weight-bold","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798212\"}-->","/images/what-is-a-personal-loan.png","curt-kirby","Updated: February 16, 2023","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798212\"}-->",{"_uid":9523,"bloks":9524,"classes":3625,"component":3626,"mobileClasses":18,"containerContent":10310,"_editable":10311},"222843d6-4c0d-4ac3-aa5f-7f579c49c5fe",[9525],{"_uid":9526,"bloks":9527,"classes":18,"justify":3572,"component":3623,"mobileClasses":18,"_editable":10309},"0737a92f-e416-438d-b8db-1c0e86499923",[9528,10283],{"lg":2051,"md":2051,"sm":2052,"_uid":9529,"cols":2052,"bloks":9530,"alignSelf":3572,"component":3573,"_editable":10282},"c286affa-ee04-4348-8508-6e9f77932903",[9531],{"_uid":9532,"color":36,"classes":2057,"content":18,"richText":9533,"component":3565,"mobileClasses":3566,"enableRichText":3567,"richTextMobile":10278,"_editable":10281},"a64c4df0-154e-4c12-b867-678d292709f4",{"type":38,"content":9534},[9535,9539,9546,9557,9569,9573,9580,9593,9599,9603,9615,9621,9625,9632,9636,9698,9702,9709,9713,9717,9780,9787,9791,9798,9811,9872,9876,9883,9887,9891,9898,9902,9906,9919,9923,9927,9934,9938,9942,9949,9953,9957,9964,9968,9972,9976,9983,9987,9994,9998,10007,10033,10041,10067,10074,10078,10082,10090,10107,10114,10131,10138,10142,10149,10166,10173,10181,10187,10191,10198,10215,10222,10239,10246,10250,10261,10272],{"type":41,"content":9536},[9537],{"text":9538,"type":45},"Considering a personal loan? Whether it’s for a costly home improvement, a wedding, or even paying off an auto loan, it may help put your plans into action without requiring you to dip into your savings account. If your short-term goals require immediate funds, a personal loan can be a reliable and manageable option. Here’s what you need to know.",{"type":56,"attrs":9540,"content":9541},{"level":87},[9542],{"text":9543,"type":45,"marks":9544},"What is a personal loan?",[9545],{"type":113},{"type":41,"content":9547},[9548,9549,9555],{"text":2831,"type":45},{"text":1475,"type":45,"marks":9550},[9551],{"type":125,"attrs":9552},{"href":9553,"uuid":128,"anchor":128,"custom":9554,"target":129,"linktype":130},"https://www.forbes.com/advisor/personal-loans/what-is-a-personal-loan/",{},{"text":9556,"type":45}," is a sum of money offered by a financial institution that can be used for a variety of purposes. It works like this: The borrower is provided with a one-time lump sum of cash, and then the loan is paid back to the lender in monthly payments over a specific time period, also known as a loan term.",{"type":41,"content":9558},[9559,9561,9567],{"text":9560,"type":45},"The borrower's credit score and ",{"text":2169,"type":45,"marks":9562},[9563],{"type":125,"attrs":9564},{"href":9565,"uuid":128,"anchor":128,"custom":9566,"target":129,"linktype":130},"https://www.bankrate.com/loans/personal-loans/what-is-a-personal-loan/",{},{"text":9568,"type":45}," determine the annual percentage rate on the loan. Annual percentage rate (APR) is the money that is owed on top of the principal amount of the loan being borrowed. Borrowers with high credit scores will typically have more favorable monthly payments because of lower interest rates. ",{"type":41,"content":9570},[9571],{"text":9572,"type":45},"A personal loan is different from other types of loans. Personal loans do not require a specific purpose to be utilized. For instance, a mortgage loan and auto loan must be used on a home and a car respectively.",{"type":56,"attrs":9574,"content":9575},{"level":87},[9576],{"text":9577,"type":45,"marks":9578},"Types of personal loans",[9579],{"type":113},{"type":41,"content":9581},[9582,9584,9591],{"text":9583,"type":45},"There are ",{"text":9585,"type":45,"marks":9586},"several types of personal loans",[9587],{"type":125,"attrs":9588},{"href":9589,"uuid":128,"anchor":128,"custom":9590,"target":129,"linktype":130},"https://wallethub.com/edu/pl/what-is-a-personal-loan/61076",{},{"text":9592,"type":45},". The two most common are unsecured personal loans and secured personal loans.",{"type":56,"attrs":9594,"content":9595},{"level":2272},[9596],{"text":2821,"type":45,"marks":9597},[9598],{"type":113},{"type":41,"content":9600},[9601],{"text":9602,"type":45},"A personal loan can be unsecured. This means that the borrower does not have to offer collateral, such as a house or car for loan approval.",{"type":41,"content":9604},[9605,9607,9613],{"text":9606,"type":45},"Unsecured personal loans typically benefit borrowers with ",{"text":4733,"type":45,"marks":9608},[9609],{"type":125,"attrs":9610},{"href":9611,"uuid":128,"anchor":128,"custom":9612,"target":129,"linktype":130},"https://www.experian.com/blogs/ask-experian/personal-loans-what-to-know-before-you-apply/",{},{"text":9614,"type":45},". Since the creditworthiness of the borrower determines the interest rate on the loan, individuals with high credit scores will be rewarded with lower rates.",{"type":56,"attrs":9616,"content":9617},{"level":2272},[9618],{"text":2347,"type":45,"marks":9619},[9620],{"type":113},{"type":41,"content":9622},[9623],{"text":9624,"type":45},"Secured personal loans require an individual to offer an asset as collateral on the loan. This option may be beneficial to individuals with lower credit scores who, without collateral, would likely face higher interest rates. The borrower may offer their car (known as a title loan) as collateral for the loan. However, if the loan payments are not made by the borrower, the asset can be seized by the financial institution.",{"type":56,"attrs":9626,"content":9627},{"level":87},[9628],{"text":9629,"type":45,"marks":9630},"What can a personal loan be used for?",[9631],{"type":113},{"type":41,"content":9633},[9634],{"text":9635,"type":45},"Personal loans are unique because they can be used for almost any purpose. There are several reasons someone may want to take out a personal loan. Some examples include:",{"type":102,"content":9637},[9638,9648,9658,9668,9678,9688],{"type":105,"content":9639},[9640],{"type":41,"content":9641},[9642,9646],{"text":9643,"type":45,"marks":9644},"Debt Consolidation",[9645],{"type":113},{"text":9647,"type":45},": You may have lingering debt with high interest rates, such as old credit cards. A personal loan could help you pay these off faster while adopting a lower interest rate.",{"type":105,"content":9649},[9650],{"type":41,"content":9651},[9652,9656],{"text":9653,"type":45,"marks":9654},"Medical bills",[9655],{"type":113},{"text":9657,"type":45},": A personal loan may give you the lump sum of money needed to wipe out your debt from a medical procedure.",{"type":105,"content":9659},[9660],{"type":41,"content":9661},[9662,9666],{"text":9663,"type":45,"marks":9664},"Home Improvements:",[9665],{"type":113},{"text":9667,"type":45}," Remodeling your kitchen or replacing your roof can be very expensive. A personal loan can be a great alternative to depleting your savings. ",{"type":105,"content":9669},[9670],{"type":41,"content":9671},[9672,9676],{"text":9673,"type":45,"marks":9674},"Purchasing a car: ",[9675],{"type":113},{"text":9677,"type":45},"Most likely, an auto loan will give you a better rate than a personal loan. However, if the personal loan does not require a down payment, this may be more equitable for you.",{"type":105,"content":9679},[9680],{"type":41,"content":9681},[9682,9686],{"text":9683,"type":45,"marks":9684},"Moving Costs",[9685],{"type":113},{"text":9687,"type":45},": Moving fees can add up quickly, especially for long-distance relocation. A personal loan will get you money fast to cover these expenses during a stressful time. ",{"type":105,"content":9689},[9690],{"type":41,"content":9691},[9692,9696],{"text":9693,"type":45,"marks":9694},"Refinance existing debt",[9695],{"type":113},{"text":9697,"type":45},": If you can get a better interest rate from a personal loan, you can use the loan to pay down existing high-interest debt.",{"type":41,"content":9699},[9700],{"text":9701,"type":45},"There are some situations where a personal loan cannot be used. Several examples include student loans, business expenses, and making a down payment on a house. There are other loan options dedicated to these situations.",{"type":56,"attrs":9703,"content":9704},{"level":87},[9705],{"text":9706,"type":45,"marks":9707},"How do personal loans work?",[9708],{"type":113},{"type":41,"content":9710},[9711],{"text":9712,"type":45},"A personal loan is an agreed-upon lump sum from a financial institution or online lender distributed to a borrower. During the application process, lenders work with a credit union to check the credit report of the borrower. An annual percentage rate is applied to the principal amount depending on the bureau's credit score findings. The borrower then pays back this loan amount in monthly payments over the agreed-upon loan term.",{"type":41,"content":9714},[9715],{"text":9716,"type":45},"There are a few steps before the money goes straight into your bank account. Let’s outline them:",{"type":1590,"attrs":9718,"content":9720},{"order":9719},{"order":58},[9721,9731,9741,9760,9770],{"type":105,"content":9722},[9723],{"type":41,"content":9724},[9725,9729],{"text":9726,"type":45,"marks":9727},"Individual submits loan application.",[9728],{"type":113},{"text":9730,"type":45}," At this point, the financial institution pulls a credit report to assess the financial well-being of the applicant.",{"type":105,"content":9732},[9733],{"type":41,"content":9734},[9735,9739],{"text":9736,"type":45,"marks":9737},"Bank approves loan.",[9738],{"type":113},{"text":9740,"type":45}," If the lender finds the creditworthiness of the applicant adequate, a loan agreement will be sent to the borrower. At this point the application process is complete.",{"type":105,"content":9742},[9743],{"type":41,"content":9744},[9745,9749,9751,9758],{"text":9746,"type":45,"marks":9747},"Interest rate is applied.",[9748],{"type":113},{"text":9750,"type":45}," Whether a ",{"text":9752,"type":45,"marks":9753},"fixed interest rate or a variable rate",[9754],{"type":125,"attrs":9755},{"href":9756,"uuid":128,"anchor":128,"custom":9757,"target":129,"linktype":130},"https://www.valuepenguin.com/loans/fixed-vs-variable-interest-rates",{},{"text":9759,"type":45},", a percentage will be applied to the principal amount borrowed. Funds should be disbursed to the borrower within a few business days.",{"type":105,"content":9761},[9762],{"type":41,"content":9763},[9764,9768],{"text":9765,"type":45,"marks":9766},"Monthly payments are made.",[9767],{"type":113},{"text":9769,"type":45}," Monthly payments consist of the principal plus interest amount. These are paid over a period of time known as the loan term.",{"type":105,"content":9771},[9772],{"type":41,"content":9773},[9774,9778],{"text":9775,"type":45,"marks":9776},"Credit score is impacted.",[9777],{"type":113},{"text":9779,"type":45}," Lenders will report to credit bureaus on the timeliness of a borrower's repayment. If monthly payments are met each month, a borrower’s credit score will improve. If they fall delinquent, their score will subsequently suffer. In the case of a secured personal loan, failure to repay the loan within its term can lead to forfeiture of the initial collateral that was leveraged. ",{"type":56,"attrs":9781,"content":9782},{"level":87},[9783],{"text":9784,"type":45,"marks":9785},"How to pick the best personal loan",[9786],{"type":113},{"type":41,"content":9788},[9789],{"text":9790,"type":45},"All loans are not created equal. There are a few things an applicant should consider when choosing a personal loan: fees, repayment terms, annual percentage rate (APR), borrowing limits, and collateral requirements. Let’s take a closer look at each of these.",{"type":56,"attrs":9792,"content":9793},{"level":2272},[9794],{"text":9795,"type":45,"marks":9796},"Fees",[9797],{"type":113},{"type":41,"content":9799},[9800,9802,9809],{"text":9801,"type":45},"Personal loans may carry ",{"text":9803,"type":45,"marks":9804},"other fees",[9805],{"type":125,"attrs":9806},{"href":9807,"uuid":128,"anchor":128,"custom":9808,"target":129,"linktype":130},"https://www.mybanktracker.com/personal-loans/faq/personal-loan-fees-273285 ",{},{"text":9810,"type":45}," depending on the financial institution lending the funds. A few common fees include: ",{"type":102,"content":9812},[9813,9832,9842,9852,9862],{"type":105,"content":9814},[9815],{"type":41,"content":9816},[9817,9821,9823,9830],{"text":9818,"type":45,"marks":9819},"Application fee: ",[9820],{"type":113},{"text":9822,"type":45},"This is usually a ",{"text":9824,"type":45,"marks":9825},"small flat fee",[9826],{"type":125,"attrs":9827},{"href":9828,"uuid":128,"anchor":128,"custom":9829,"target":129,"linktype":130},"https://www.mybanktracker.com/personal-loans/faq/personal-loan-fees-273285",{},{"text":9831,"type":45}," ($25-50) due at the beginning of the loan process, when the application is submitted.",{"type":105,"content":9833},[9834],{"type":41,"content":9835},[9836,9840],{"text":9837,"type":45,"marks":9838},"Origination fee: ",[9839],{"type":113},{"text":9841,"type":45},"This fee is leveraged by a lender as a way to reduce risk. It’s usually based on the principal amount borrowed. Typically, these are about 1-6% of the loan amount.",{"type":105,"content":9843},[9844],{"type":41,"content":9845},[9846,9850],{"text":9847,"type":45,"marks":9848},"Prepayment penalty:",[9849],{"type":113},{"text":9851,"type":45}," These fees are paid by the borrower if they pay off their loan before the end of their loan term. Because the interest rate is based on the length of the loan term, some banks use this as a way to recoup lost funds. This fee is usually around 2% of the original loan amount.",{"type":105,"content":9853},[9854],{"type":41,"content":9855},[9856,9860],{"text":9857,"type":45,"marks":9858},"Insufficient Funds:",[9859],{"type":113},{"text":9861,"type":45}," Similar to overdrafting your checking account, if there are insufficient funds when collecting a monthly payment, you will incur a fee. This scenario typically carries a $25-50 flat fee.",{"type":105,"content":9863},[9864],{"type":41,"content":9865},[9866,9870],{"text":9867,"type":45,"marks":9868},"Late payment:",[9869],{"type":113},{"text":9871,"type":45}," Of course, if payments are late or missed you can expect to pay a penalty. These can be a set fee or a percentage of your monthly payment. ",{"type":41,"content":9873},[9874],{"text":9875,"type":45},"Not all lenders charge fees, however. It is important to understand what fees are associated with each lender prior to applying for your personal loan. Many financial institutions offer “no-fee” lending and help you avoid some of the fees mentioned above. Most, however, still include some fees related to insufficient funds or late payments.",{"type":56,"attrs":9877,"content":9878},{"level":2272},[9879],{"text":9880,"type":45,"marks":9881},"Repayment terms",[9882],{"type":113},{"type":41,"content":9884},[9885],{"text":9886,"type":45},"Repayment terms refer to the amount of time between when money is borrowed and when it is expected to be paid back in full. Repayment terms range from lender to lender. Loans that carry shorter terms typically carry a higher monthly payment. But in the end, with a shorter term, you’ll pay less in interest than if the loan is spread over a longer term.",{"type":41,"content":9888},[9889],{"text":9890,"type":45},"On the other hand, though longer repayment terms translate to more paid in interest over the life of the loan, they also translate to lower monthly payments. Borrowers must determine what is right for them: a long term and a lower monthly payment vs a short term and less interest paid over the life of the loan.",{"type":56,"attrs":9892,"content":9893},{"level":2272},[9894],{"text":9895,"type":45,"marks":9896},"APR",[9897],{"type":113},{"type":41,"content":9899},[9900],{"text":9901,"type":45},"Annual percentage rate (APR) is the yearly expense which a borrower pays on the loan amount borrowed. APR is calculated by determining how much the loan will cost you every year based on the interest rate and finance charges.",{"type":41,"content":9903},[9904],{"text":9905,"type":45},"Interest rate and APR are different. Interest rates represent the cost you’ll pay each year to borrow money. APR measures the cost to borrow money, but also takes into account additional fees that may be associated. Since APR includes your interest rate and other fees connected to your loan, your APR will reflect a higher number than your interest rate, and it’s a more accurate reflection of what you’ll pay on top of principal. ",{"type":41,"content":9907},[9908,9910,9917],{"text":9909,"type":45},"The average personal loan interest rate is ",{"text":9911,"type":45,"marks":9912},"around 11%",[9913],{"type":125,"attrs":9914},{"href":9915,"uuid":128,"anchor":128,"custom":9916,"target":129,"linktype":130},"https://www.bankrate.com/loans/personal-loans/average-personal-loan-rates/",{},{"text":9918,"type":45},". Individuals with good credit scores will receive lower rates, while those with bad credit can see rates much higher. ",{"type":41,"content":9920},[9921],{"text":9922,"type":45},"A borrower's APR will differ between financial institutions and online lenders. Factors such as credit score, amount of money borrowed, and length of term also impact APR.",{"type":41,"content":9924},[9925],{"text":9926,"type":45},"There are ways to lower your APR, such as improving your credit score, choosing a shorter term length, or negotiating with your lender.",{"type":56,"attrs":9928,"content":9929},{"level":2272},[9930],{"text":9931,"type":45,"marks":9932},"Borrowing limits",[9933],{"type":113},{"type":41,"content":9935},[9936],{"text":9937,"type":45},"There is typically a maximum amount of money that someone can borrow from a lender. This is known as the borrowing limit. Several factors can determine an individual’s borrowing limit. A few include credit history, debt-to-income ratio, and loan type.",{"type":41,"content":9939},[9940],{"text":9941,"type":45},"In order to decide the best borrowing limit for you, you must determine what amount is feasible to pay back within the life of the loan. One thing to consider is your existing debt-to-income ratio. If you already have significant credit card debt or medical bills, can you afford another monthly payment?",{"type":56,"attrs":9943,"content":9944},{"level":2272},[9945],{"text":9946,"type":45,"marks":9947},"Collateral requirements",[9948],{"type":113},{"type":41,"content":9950},[9951],{"text":9952,"type":45},"Typically, personal loans are unsecured. This means that they don't require collateral on the loan being borrowed. Instead, the borrower's credit score, income level, and overall financial well-being are analyzed.",{"type":41,"content":9954},[9955],{"text":9956,"type":45},"When you’re taking out a secured personal loan, collateral will be required. In this case, a lender will require an asset to offset the risk of the loan, such as savings account funds or a car. Before the borrower accepts the terms of the loan, they must determine if the collateral amount is a reasonable requirement for the loan amount, and if they can stand to lose it should they not be able to repay it in full.",{"type":56,"attrs":9958,"content":9959},{"level":87},[9960],{"text":9961,"type":45,"marks":9962},"Applying for a personal loan",[9963],{"type":113},{"type":41,"content":9965},[9966],{"text":9967,"type":45},"There are many ways to apply for a personal loan. In recent years, the internet has become the most efficient way to start the research process. You can quickly view terms and conditions from an array of lenders to determine who will work best for you. This is also an easy way to compare multiple loan offers.",{"type":41,"content":9969},[9970],{"text":9971,"type":45},"There are a few things you can do to prepare yourself for taking out a personal loan. To start, you should have an idea of your credit score. Obviously, the better your credit, the more likely you are to get a good annual percentage rate. You can also use a personal loan calculator to see what your monthly payment will look like based on the loan amount and loan term.",{"type":41,"content":9973},[9974],{"text":9975,"type":45},"Credit score and debt-to-income ratio are a few ways to know if you are in a good place financially to take on a personal loan.",{"type":56,"attrs":9977,"content":9978},{"level":87},[9979],{"text":9980,"type":45,"marks":9981},"Personal loan alternatives",[9982],{"type":113},{"type":41,"content":9984},[9985],{"text":9986,"type":45},"There are several alternatives to a personal loan. Depending on your situation, there may be a better option to suit your needs. Let’s take a look at a few.",{"type":56,"attrs":9988,"content":9989},{"level":2272},[9990],{"text":9991,"type":45,"marks":9992},"Credit card",[9993],{"type":113},{"type":41,"content":9995},[9996],{"text":9997,"type":45},"A credit card is a line of credit that is offered by a financial institution to make purchases and is for everyday use. They typically carry a max spend limit based on the creditworthiness of the holder. Repayment for purchases on the credit card are made monthly.",{"type":41,"content":9999},[10000],{"text":10001,"type":45,"marks":10002},"Benefits of a credit card include:",[10003,10004],{"type":113},{"type":48,"attrs":10005},{"class":10006},"no-margin-bottom",{"type":102,"content":10008},[10009,10018,10027],{"type":105,"content":10010},[10011],{"type":41,"content":10012},[10013],{"text":10014,"type":45,"marks":10015},"immediate access to funds",[10016],{"type":48,"attrs":10017},{"class":10006},{"type":105,"content":10019},[10020],{"type":41,"content":10021},[10022],{"text":10023,"type":45,"marks":10024},"convenience",[10025],{"type":48,"attrs":10026},{"class":10006},{"type":105,"content":10028},[10029],{"type":41,"content":10030},[10031],{"text":10032,"type":45},"potential to earn rewards",{"type":41,"content":10034},[10035],{"text":10036,"type":45,"marks":10037},"Cons include:",[10038,10039],{"type":113},{"type":48,"attrs":10040},{"class":10006},{"type":102,"content":10042},[10043,10052,10061],{"type":105,"content":10044},[10045],{"type":41,"content":10046},[10047],{"text":10048,"type":45,"marks":10049},"high interest rates",[10050],{"type":48,"attrs":10051},{"class":10006},{"type":105,"content":10053},[10054],{"type":41,"content":10055},[10056],{"text":10057,"type":45,"marks":10058},"complex terms",[10059],{"type":48,"attrs":10060},{"class":10006},{"type":105,"content":10062},[10063],{"type":41,"content":10064},[10065],{"text":10066,"type":45},"annual fees",{"type":56,"attrs":10068,"content":10069},{"level":2272},[10070],{"text":10071,"type":45,"marks":10072},"Personal line of credit",[10073],{"type":113},{"type":41,"content":10075},[10076],{"text":10077,"type":45},"A personal line of credit (PLOC) is similar to a credit card in that an individual receives a spend limit. Payments are then made monthly on what is spent. Unlike a credit card, however, funds can be withdrawn from the PLOC.",{"type":41,"content":10079},[10080],{"text":10081,"type":45},"A PLOC is also a term loan, meaning it has an expiration date. For instance, a lender may offer you access to funds for a period of two years.",{"type":41,"content":10083},[10084],{"text":10085,"type":45,"marks":10086},"Pros include:",[10087,10088],{"type":113},{"type":48,"attrs":10089},{"class":10006},{"type":102,"content":10091},[10092,10101],{"type":105,"content":10093},[10094],{"type":41,"content":10095},[10096],{"text":10097,"type":45,"marks":10098},"quick access to funds",[10099],{"type":48,"attrs":10100},{"class":10006},{"type":105,"content":10102},[10103],{"type":41,"content":10104},[10105],{"text":10106,"type":45},"no collateral required",{"type":41,"content":10108},[10109],{"text":10036,"type":45,"marks":10110},[10111,10112],{"type":113},{"type":48,"attrs":10113},{"class":10006},{"type":102,"content":10115},[10116,10125],{"type":105,"content":10117},[10118],{"type":41,"content":10119},[10120],{"text":10121,"type":45,"marks":10122},"variable interest rates",[10123],{"type":48,"attrs":10124},{"class":10006},{"type":105,"content":10126},[10127],{"type":41,"content":10128},[10129],{"text":10130,"type":45},"the risk of over-borrowing past your means, leading to further debt",{"type":56,"attrs":10132,"content":10133},{"level":2272},[10134],{"text":10135,"type":45,"marks":10136},"Home equity loan",[10137],{"type":113},{"type":41,"content":10139},[10140],{"text":10141,"type":45},"A home equity loan is another financial option for homeowners. This allows someone to borrow money based on the equity they have in their home. Equity is determined by the home’s current market value and the balance of the remaining mortgage loan.",{"type":41,"content":10143},[10144],{"text":10085,"type":45,"marks":10145},[10146,10147],{"type":113},{"type":48,"attrs":10148},{"class":10006},{"type":102,"content":10150},[10151,10160],{"type":105,"content":10152},[10153],{"type":41,"content":10154},[10155],{"text":10156,"type":45,"marks":10157},"fixed payments with fixed interest rates",[10158],{"type":48,"attrs":10159},{"class":10006},{"type":105,"content":10161},[10162],{"type":41,"content":10163},[10164],{"text":10165,"type":45},"access to a lump sum of money",{"type":41,"content":10167},[10168],{"text":10036,"type":45,"marks":10169},[10170,10171],{"type":113},{"type":48,"attrs":10172},{"class":10006},{"type":102,"content":10174},[10175],{"type":105,"content":10176},[10177],{"type":41,"content":10178},[10179],{"text":10180,"type":45},"leveraging debt against your home, which can lead to foreclosure if loan payments are not met.",{"type":56,"attrs":10182,"content":10183},{"level":2272},[10184],{"text":9278,"type":45,"marks":10185},[10186],{"type":113},{"type":41,"content":10188},[10189],{"text":10190,"type":45},"A home equity line of credit (HELOC) is similar to a home equity loan. The major difference is that a HELOC is a revolving line of credit instead of a lump sum of money. Borrowers pay based on what they use. ",{"type":41,"content":10192},[10193],{"text":10085,"type":45,"marks":10194},[10195,10196],{"type":113},{"type":48,"attrs":10197},{"class":10006},{"type":102,"content":10199},[10200,10209],{"type":105,"content":10201},[10202],{"type":41,"content":10203},[10204],{"text":10205,"type":45,"marks":10206},"borrowing & paying back only what you need",[10207],{"type":48,"attrs":10208},{"class":10006},{"type":105,"content":10210},[10211],{"type":41,"content":10212},[10213],{"text":10214,"type":45},"access to a large sum",{"type":41,"content":10216},[10217],{"text":10036,"type":45,"marks":10218},[10219,10220],{"type":113},{"type":48,"attrs":10221},{"class":10006},{"type":102,"content":10223},[10224,10233],{"type":105,"content":10225},[10226],{"type":41,"content":10227},[10228],{"text":10229,"type":45,"marks":10230},"Variable interest rates",[10231],{"type":48,"attrs":10232},{"class":10006},{"type":105,"content":10234},[10235],{"type":41,"content":10236},[10237],{"text":10238,"type":45},"Using your home as collateral.",{"type":56,"attrs":10240,"content":10241},{"level":87},[10242],{"text":10243,"type":45,"marks":10244},"How Navient Marketplace can help",[10245],{"type":113},{"type":41,"content":10247},[10248],{"text":10249,"type":45},"A personal loan may be a great option for someone that needs access to funds quickly. They can be used for almost anything, including home renovations, travel, a wedding, or even as a debt consolidation loan. They are a type of installment loan which means they can be paid down monthly based on the loan term.",{"type":41,"content":10251},[10252,10254,10259],{"text":10253,"type":45},"If you think a personal loan is right for you, Navient is worth considering. We’re an industry leader in loan originations and loan servicing, and we’ve recently partnered with top-tiered financial institutions to build a one-stop shop called ",{"text":1497,"type":45,"marks":10255},[10256],{"type":125,"attrs":10257},{"href":1336,"uuid":128,"anchor":128,"custom":10258,"target":129,"linktype":130},{},{"text":10260,"type":45}," that can help you choose the option that fits you best.",{"type":41,"content":10262},[10263,10265,10270],{"text":10264,"type":45},"If you are ready to take the next step in receiving a personal loan, visit ",{"text":1497,"type":45,"marks":10266},[10267],{"type":125,"attrs":10268},{"href":1336,"uuid":128,"anchor":128,"custom":10269,"target":129,"linktype":130},{},{"text":10271,"type":45}," and start the process today.",{"type":41,"content":10273},[10274],{"text":1355,"type":45,"marks":10275},[10276],{"type":48,"attrs":10277},{"class":50},{"type":38,"content":10279},[10280],{"type":41},"\u003C!--#storyblok#{\"name\": \"Typography\", 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\"Button\", \"space\": \"157494\", \"uid\": \"d87937d9-6d46-4da0-813d-437561563b18\", \"id\": \"651798212\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798212\"}-->",{"id":128,"alt":128,"name":18,"focus":128,"title":128,"filename":18,"copyright":128,"fieldtype":3603},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798212\"}-->","https://www.marketplace.navient.com/blog/what-is-a-personal-loan/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798212\"}-->","what-is-a-personal-loan","navient_marketplace/blog/what-is-a-personal-loan",80,[],"724f1f5c-5b59-4468-a144-04b70d9fc3de","2023-02-28T18:40:14.095Z","blog/what-is-a-personal-loan/",[],{"name":10338,"created_at":10339,"published_at":10340,"updated_at":10341,"id":10342,"uuid":10343,"content":10344,"slug":10934,"full_slug":10935,"sort_by_date":128,"position":10936,"tag_list":10937,"is_startpage":28,"parent_id":1409,"meta_data":128,"group_id":10938,"first_published_at":10939,"release_id":128,"lang":1412,"path":10940,"alternates":10941,"default_full_slug":128,"translated_slugs":128},"Pros and Cons of Personal Loans","2025-04-07T18:31:43.540Z","2026-04-01T17:17:36.551Z","2026-04-01T17:17:36.571Z",651798213,"8a8dc044-267b-40fe-81b7-210d95a5024b",{"seo":10345,"_uid":9506,"body":10348,"author":9519,"category":31,"featured":28,"component":3654,"canonicalTag":10932,"_editable":10933},{"_uid":9503,"title":10346,"plugin":17,"og_image":18,"og_title":18,"description":10347,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Pros and Cons of Personal Loans - Navient Marketplace","Personal loans are ideal for debt consolidation, but they can be hard on borrowers with poor credit. Get the other pros and cons of personal loans here.",[10349,10357,10920],{"id":2019,"_uid":9509,"image":10350,"intro":10351,"author":9512,"classes":10352,"category":18,"featured":28,"blogTitle":10338,"component":2040,"imageLink":10355,"blendImage":28,"authorRoute":9519,"publishedDate":9520,"backgroundColor":29,"_editable":10356},"//a.storyblok.com/f/110029/800x533/20e434964b/pros-and-cons-of-personal-loans.png","To decide whether or not a personal loan works for you, you first have to understand the pros and cons of personal loans.",[10353],{"_uid":9515,"component":2026,"titleColor":2027,"dateClasses":2028,"titleClasses":9516,"authorClasses":2030,"subtitleColor":2031,"subtitleClasses":2033,"dateMobileClasses":2034,"titleMobileClasses":2035,"authorMobileClasses":2036,"featuredMobileClasses":2037,"subtitleMobileClasses":2038,"_editable":10354},"\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798213\"}-->","/images/pros-and-cons-of-personal-loans.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798213\"}-->",{"_uid":9523,"bloks":10358,"classes":3625,"component":3626,"mobileClasses":18,"containerContent":10918,"_editable":10919},[10359],{"_uid":9526,"bloks":10360,"classes":18,"justify":3572,"component":3623,"mobileClasses":18,"_editable":10917},[10361,10891],{"lg":2051,"md":2051,"sm":2052,"_uid":9529,"cols":2052,"bloks":10362,"alignSelf":3572,"component":3573,"_editable":10890},[10363],{"_uid":9532,"color":36,"classes":2057,"content":18,"richText":10364,"component":3565,"mobileClasses":3566,"enableRichText":3567,"richTextMobile":10886,"_editable":10889},{"type":38,"content":10365},[10366,10370,10376,10390,10403,10410,10414,10418,10425,10438,10445,10458,10519,10523,10530,10543,10550,10561,10568,10572,10579,10583,10590,10594,10601,10605,10612,10616,10623,10635,10642,10654,10661,10674,10716,10723,10727,10771,10777,10781,10787,10791,10795,10801,10805,10809,10816,10820,10824,10830,10834,10838,10844,10848,10852,10859,10863,10874,10880],{"type":41,"content":10367},[10368],{"text":10369,"type":45},"Do you have a wedding on the horizon? Are you finally starting those home renovations you’ve been planning for years? If so, you might be considering taking out a personal loan. Personal loans are a great way to get money when you need it fast. However, as with any type of loan, there’s also some risk involved. To decide whether or not it’s the best option for you, you first have to understand the pros and cons of personal loans.",{"type":56,"attrs":10371,"content":10372},{"level":87},[10373],{"text":9543,"type":45,"marks":10374},[10375],{"type":113},{"type":41,"content":10377},[10378,10380,10385,10389],{"text":10379,"type":45},"A personal loan is a type of installment loan, which means the borrower receives a lump sum of money that is repaid via monthly payments over an agreed-upon term length. Unlike auto loans and home loans, which have very narrow usage requirements, personal loans can be used for almost anything. Some popular uses include medical bills, home improvements or repairs, and other large purchases. Personal loans can also be used as a pathway for ",{"text":2851,"type":45,"marks":10381},[10382],{"type":125,"attrs":10383},{"href":7194,"uuid":128,"anchor":128,"custom":10384,"target":129,"linktype":130},{},{"text":1243,"type":45,"marks":10386},[10387],{"type":48,"attrs":10388},{"class":1247},{"text":1348,"type":45},{"type":41,"content":10391},[10392,10394,10401],{"text":10393,"type":45},"Personal loans are distributed by online lenders, banks, credit unions, and other financial institutions. Interest rates on personal loans can vary widely, but they often ",{"text":10395,"type":45,"marks":10396},"hover around 9% and 10%",[10397],{"type":125,"attrs":10398},{"href":10399,"uuid":128,"anchor":128,"custom":10400,"target":129,"linktype":130},"https://www.bankrate.com/loans/personal-loans/pros-cons-of-personal-loans/#pros",{},{"text":10402,"type":45},". Most lenders will make you an interest rate offer depending on your credit score, loan term, and requested loan amount.",{"type":56,"attrs":10404,"content":10405},{"level":2272},[10406],{"text":10407,"type":45,"marks":10408},"Secured versus unsecured personal loans",[10409],{"type":113},{"type":41,"content":10411},[10412],{"text":10413,"type":45},"There are two types of personal loans: secured and unsecured. With secured personal loans, you’ll need to exchange some type of collateral with the lender in return for the requested loan amount. This could be, for example, a home, car, stock market holdings, etc. This offers the lender some assurance that they’ll recoup the value of the borrowed funds, and they’ll hold onto your collateral until the loan is paid in full.",{"type":41,"content":10415},[10416],{"text":10417,"type":45},"An unsecured personal loan does not require collateral to back the loan. Instead, these are approved based on the creditworthiness of the borrower. Because unsecured loans are riskier for the lender, they typically carry higher interest rates than secured loans.",{"type":56,"attrs":10419,"content":10420},{"level":87},[10421],{"text":10422,"type":45,"marks":10423},"The advantages of a personal loan",[10424],{"type":113},{"type":41,"content":10426},[10427,10429,10436],{"text":10428,"type":45},"Personal loans can have ",{"text":10430,"type":45,"marks":10431},"many advantages",[10432],{"type":125,"attrs":10433},{"href":10434,"uuid":128,"anchor":128,"custom":10435,"target":129,"linktype":130},"https://www.forbes.com/advisor/personal-loans/pros-and-cons-of-personal-loans/",{},{"text":10437,"type":45}," for borrowers under the right circumstances. Let’s take a look at a few.",{"type":56,"attrs":10439,"content":10440},{"level":2272},[10441],{"text":10442,"type":45,"marks":10443},"Flexibility",[10444],{"type":113},{"type":41,"content":10446},[10447,10449,10456],{"text":10448,"type":45},"Personal loans can be ",{"text":10450,"type":45,"marks":10451},"used for almost anything",[10452],{"type":125,"attrs":10453},{"href":10454,"uuid":128,"anchor":128,"custom":10455,"target":129,"linktype":130},"https://lanterncredit.com/personal-loans/pros-and-cons-of-personal-loans",{},{"text":10457,"type":45},", from organizing your personal finances via debt consolidation to covering an emergency expense. Here are a few of the most common uses.",{"type":102,"content":10459},[10460,10470,10480,10490,10499,10509],{"type":105,"content":10461},[10462],{"type":41,"content":10463},[10464,10468],{"text":10465,"type":45,"marks":10466},"Home Renovations",[10467],{"type":113},{"text":10469,"type":45},": Thanks to materials and labor shortages, the cost of home improvements has been soaring. Remodeling a bathroom or kitchen can cost thousands of dollars. If you need to make a critical repair or add value to your home ahead of a property revaluation, and using a credit card or payment plan is not an option, a personal loan offers one solution.",{"type":105,"content":10471},[10472],{"type":41,"content":10473},[10474,10478],{"text":10475,"type":45,"marks":10476},"Moving costs",[10477],{"type":113},{"text":10479,"type":45},": Moving expenses can add up quickly. A personal loan can help you cover the cost of shipping your belongings, transporting your vehicle, or even purchasing new furniture.",{"type":105,"content":10481},[10482],{"type":41,"content":10483},[10484,10488],{"text":10485,"type":45,"marks":10486},"Weddings",[10487],{"type":113},{"text":10489,"type":45},": Your dream wedding doesn’t come cheap. In fact, the average wedding cost in 2021 was around $28,000. A personal loan can help you cover the venue, photographer, catering, and other fees. ",{"type":105,"content":10491},[10492],{"type":41,"content":10493},[10494,10497],{"text":9643,"type":45,"marks":10495},[10496],{"type":113},{"text":10498,"type":45},": If you’re juggling multiple high-interest-rate credit card balances, you can use a personal loan to consolidate and therefore simplify your credit card debt. This can be a smart financial decision for someone with credit cards that carry a high interest rate, since you can often get a lower rate on a personal loan. In some cases, that could help you save thousands of dollars over the life of the loan. ",{"type":105,"content":10500},[10501],{"type":41,"content":10502},[10503,10507],{"text":10504,"type":45,"marks":10505},"Buying a Vehicle",[10506],{"type":113},{"text":10508,"type":45},": Typically, when purchasing a car from a dealership, an auto loan will give you more favorable rates and terms than a personal loan. However, if you’re purchasing a vehicle from a private party and auto financing is not an option, a personal loan can be a good alternative. ",{"type":105,"content":10510},[10511],{"type":41,"content":10512},[10513,10517],{"text":10514,"type":45,"marks":10515},"Other Large Purchases",[10516],{"type":113},{"text":10518,"type":45},": Sometimes, unavoidable circumstances arise that require an immediate remedy. If your transmission blows out on your only car, or your home’s HVAC unit stops working in the middle of winter, you need a solution fast. Personal loans can get you back up and running quickly.",{"type":41,"content":10520},[10521],{"text":10522,"type":45},"Of course, there are also some cases where you would not want to use a personal loan. For instance, making a down payment on a house or purchasing a car from a dealership are both situations where you can obtain lower interest rate loans from other sources.",{"type":56,"attrs":10524,"content":10525},{"level":2272},[10526],{"text":10527,"type":45,"marks":10528},"Lower interest rates on average",[10529],{"type":113},{"type":41,"content":10531},[10532,10534,10541],{"text":10533,"type":45},"Personal loans tend to have competitive interest rates when compared with other lines of credit. For instance, credit cards carried an average interest rate of 16.5% in 2021 according to ",{"text":10535,"type":45,"marks":10536},"data collected",[10537],{"type":125,"attrs":10538},{"href":10539,"uuid":128,"anchor":128,"custom":10540,"target":129,"linktype":130},"https://www.federalreserve.gov/releases/g19/current/",{},{"text":10542,"type":45}," by the Federal Reserve. Data from this same time period showed a 24-month personal loan rate average of about 9.5%. The interest rate you’re offered will be dictated by your loan principal, loan term, and other aspects of your financial situation, including your credit score as reported by the major credit bureaus. Borrowers with poor credit may receive interest rates well higher than the average.",{"type":56,"attrs":10544,"content":10545},{"level":2272},[10546],{"text":10547,"type":45,"marks":10548},"One lump sum",[10549],{"type":113},{"type":41,"content":10551},[10552,10559],{"text":10553,"type":45,"marks":10554},"Another benefit",[10555],{"type":125,"attrs":10556},{"href":10557,"uuid":128,"anchor":128,"custom":10558,"target":129,"linktype":130},"https://www.moneygeek.com/personal-loans/pros-and-cons/",{},{"text":10560,"type":45}," of a personal loan is that the money is provided in one lump sum. This gives you ultimate flexibility to make large purchases or cover other expenses. That’s in contrast to something like a credit card, which doles out credit over time and may have lower limits than you need. With a personal loan, you get the money upfront and can use it immediately.",{"type":56,"attrs":10562,"content":10563},{"level":2272},[10564],{"text":10565,"type":45,"marks":10566},"Quick approval process",[10567],{"type":113},{"type":41,"content":10569},[10570],{"text":10571,"type":45},"The approval process for a personal loan is pretty fast — usually only about 24 hours. As with other types of loans, you’ll have to submit some personal information, and the lender will likely check your credit report, which may affect your credit score. They’ll also verify your employment and home address and analyze any other outstanding debts you may have to assess your creditworthiness.",{"type":56,"attrs":10573,"content":10574},{"level":2272},[10575],{"text":10576,"type":45,"marks":10577},"May not require collateral",[10578],{"type":113},{"type":41,"content":10580},[10581],{"text":10582,"type":45},"Unsecured personal loans do not require collateral. As such, they typically carry higher interest charges than secured personal loans because they pose more risk for the lender. However, if your personal finances are in good standing, you could still receive a competitive rate without having to leverage any of your assets to receive the loan.",{"type":56,"attrs":10584,"content":10585},{"level":2272},[10586],{"text":10587,"type":45,"marks":10588},"Reasonable monthly payments",[10589],{"type":113},{"type":41,"content":10591},[10592],{"text":10593,"type":45},"Personal loans often have longer loan terms than other financing options. This makes monthly payments more reasonable for the borrower. The longer the term, the lower the monthly payment. At the same time, it’s important to remember that with a longer term, you’ll ultimately pay more in interest over the life of the loan.",{"type":56,"attrs":10595,"content":10596},{"level":2272},[10597],{"text":10598,"type":45,"marks":10599},"Useful for refinancing",[10600],{"type":113},{"type":41,"content":10602},[10603],{"text":10604,"type":45},"If you have credit card debt or other existing types of debt, a personal loan can provide a way to refinance or consolidate it. This can simplify your monthly payments and even save you money by helping you secure a lower interest rate, switch from a fixed to a variable interest rate, or select a new loan term.",{"type":56,"attrs":10606,"content":10607},{"level":87},[10608],{"text":10609,"type":45,"marks":10610},"The disadvantages of a personal loan",[10611],{"type":113},{"type":41,"content":10613},[10614],{"text":10615,"type":45},"Personal loans can offer immediate financial relief for all kinds of borrowers, but they’re not right for everyone. Here are a few cons of personal loans to consider before you move forward.",{"type":56,"attrs":10617,"content":10618},{"level":2272},[10619],{"text":10620,"type":45,"marks":10621},"Hard on borrowers with bad credit",[10622],{"type":113},{"type":41,"content":10624},[10625,10627,10634],{"text":10626,"type":45},"Personal loans tend to have higher interest rates for borrowers with poor credit. If you have a low credit score, (possible if your credit history includes bankruptcies, spotty payment history, or other high balances) personal loans might not be your best option. If you’re not sure what your credit score is, you can check your credit report by requesting it from the major credit bureaus (Transunion, Equifax, and Experian). You can do this once per year for free via ",{"text":10628,"type":45,"marks":10629},"annualcreditreport.com",[10630],{"type":125,"attrs":10631},{"href":10632,"uuid":128,"anchor":128,"custom":10633,"target":129,"linktype":130},"https://www.annualcreditreport.com/index.action",{},{"text":1348,"type":45},{"type":56,"attrs":10636,"content":10637},{"level":2272},[10638],{"text":10639,"type":45,"marks":10640},"Strict eligibility requirements",[10641],{"type":113},{"type":41,"content":10643},[10644,10646,10652],{"text":10645,"type":45},"Personal loans can require more from potential borrowers than other types of loans. Some lenders require an individual to have a minimum credit score of 600 and a ",{"text":1911,"type":45,"marks":10647},[10648],{"type":125,"attrs":10649},{"href":10650,"uuid":128,"anchor":128,"custom":10651,"target":129,"linktype":130},"https://www.lendingtree.com/personal/personal-loan-are-you-a-good-candidate/#:~:text=Personal%20loan%20eligibility%3A%20FAQ,-Am%20I%20eligible&text=Many%20lenders%20typically%20require%20that,in%20to%20understand%20the%20specifics.",{},{"text":10653,"type":45}," no more than 35%. Each lender is different, but some have fairly stringent requirements that may make them harder to qualify for.",{"type":56,"attrs":10655,"content":10656},{"level":2272},[10657],{"text":10658,"type":45,"marks":10659},"Potentially high fees",[10660],{"type":113},{"type":41,"content":10662},[10663,10665,10672],{"text":10664,"type":45},"Some personal loans also carry ",{"text":10666,"type":45,"marks":10667},"fees",[10668],{"type":125,"attrs":10669},{"href":10670,"uuid":128,"anchor":128,"custom":10671,"target":129,"linktype":130},"https://www.experian.com/blogs/ask-experian/personal-loan-fees-you-should-watch-out-for/",{},{"text":10673,"type":45},", which can add up and inflate the cost, making monthly payments untenable for some borrowers. A few common fees include",{"type":102,"content":10675},[10676,10686,10696,10706],{"type":105,"content":10677},[10678],{"type":41,"content":10679},[10680,10684],{"text":10681,"type":45,"marks":10682},"Origination fees: ",[10683],{"type":113},{"text":10685,"type":45},"Some banks, credit unions, or other lenders will charge a loan origination fee to cover costs associated with processing the loan. These fees will often be added to the total loan amount. Origination fees are usually a percentage (1 to 6%) of the total amount borrowed.",{"type":105,"content":10687},[10688],{"type":41,"content":10689},[10690,10694],{"text":10691,"type":45,"marks":10692},"Application fees",[10693],{"type":113},{"text":10695,"type":45},": These cover the initial expense of processing and reviewing your loan application. Application fees are typically an upfront cost, and won’t be refunded even if the applicant does not qualify for the loan. While these fees are uncommon for personal loans, it’s still a good idea to ask before you apply.",{"type":105,"content":10697},[10698],{"type":41,"content":10699},[10700,10704],{"text":10701,"type":45,"marks":10702},"Prepayment penalties: ",[10703],{"type":113},{"text":10705,"type":45},"Some lenders charge a penalty if the borrower pays off their loan before the end of their loan term. This helps the lender recoup the cost of the interest you would have paid over the full term. Prepayment penalties are usually a small percentage of the original loan amount.",{"type":105,"content":10707},[10708],{"type":41,"content":10709},[10710,10714],{"text":10711,"type":45,"marks":10712},"Late fees: ",[10713],{"type":113},{"text":10715,"type":45},"These are common across many types of loans, including personal loans. You could incur these by missing a monthly payment or failing to pay off the loan in full by the end of the term. Late fees are usually a flat fee but can also be a percentage of the monthly payment amount, depending on the conditions of the financial institution.",{"type":56,"attrs":10717,"content":10718},{"level":87},[10719],{"text":10720,"type":45,"marks":10721},"Is a personal loan right for me?",[10722],{"type":113},{"type":41,"content":10724},[10725],{"text":10726,"type":45},"A personal loan can be helpful for borrowers who fit the right criteria. You likely are a good candidate for a personal loan if:",{"type":102,"content":10728},[10729,10738,10747,10756,10765],{"type":105,"content":10730},[10731],{"type":41,"content":10732},[10733],{"text":10734,"type":45,"marks":10735},"You have high-interest debt that would benefit from consolidation.",[10736],{"type":48,"attrs":10737},{"class":10006},{"type":105,"content":10739},[10740],{"type":41,"content":10741},[10742],{"text":10743,"type":45,"marks":10744},"You have a good credit score or have collateral to leverage.",[10745],{"type":48,"attrs":10746},{"class":10006},{"type":105,"content":10748},[10749],{"type":41,"content":10750},[10751],{"text":10752,"type":45,"marks":10753},"You have a reliable source of income and can meet your monthly payments.",[10754],{"type":48,"attrs":10755},{"class":10006},{"type":105,"content":10757},[10758],{"type":41,"content":10759},[10760],{"text":10761,"type":45,"marks":10762},"Your debt-to-income ratio is lower than 35%.",[10763],{"type":48,"attrs":10764},{"class":10006},{"type":105,"content":10766},[10767],{"type":41,"content":10768},[10769],{"text":10770,"type":45},"You have a reliable track record of making on-time payments.",{"type":56,"attrs":10772,"content":10773},{"level":87},[10774],{"text":9980,"type":45,"marks":10775},[10776],{"type":113},{"type":41,"content":10778},[10779],{"text":10780,"type":45},"There are many alternatives to personal loans. Depending on your financial situation, some of these could be better options. Here are a few of the most common.",{"type":56,"attrs":10782,"content":10783},{"level":2272},[10784],{"text":9991,"type":45,"marks":10785},[10786],{"type":113},{"type":41,"content":10788},[10789],{"text":10790,"type":45},"A credit card is a revolving line of credit offered by a financial institution. Credit cards can be used to make everyday purchases. They carry a max spending limit based on the creditworthiness of the cardholder. If you make your monthly payments on time, you won’t usually incur any fees. If you just make the minimum monthly payment, your remaining balance will be carried into the next month. Your interest then compounds and can add to the balance due.",{"type":41,"content":10792},[10793],{"text":10794,"type":45},"Credit cards sometimes carry great perks, such as cash-back and travel rewards. They can offer low introductory rates such as 0% APR for the first 12 months. However, many start to charge high interest rates after that introductory period. Credit cards are great for everyday use as long as you can keep up with the payments. Otherwise, compounding interest and late payments can quickly inflate your overall debt.",{"type":56,"attrs":10796,"content":10797},{"level":2272},[10798],{"text":10071,"type":45,"marks":10799},[10800],{"type":113},{"type":41,"content":10802},[10803],{"text":10804,"type":45},"A personal line of credit (PLOC) is similar to a credit card. In this agreement, an individual receives a spending limit and repays their total monthly expenses at the end of each month. However, unlike a credit card, a borrower may withdraw funds from their PLOC.",{"type":41,"content":10806},[10807],{"text":10808,"type":45},"A PLOC is a type of term loan. This means that the loan has an expiration date. If your loan term is two years, for example, the PLOC balance must be paid back in full at the end of those two years. A PLOC might be a good choice for you if you’re expecting a large expenditure and happen to qualify for a lower interest rate. To find out, you can contact your bank, credit union, or another financial institution.",{"type":56,"attrs":10810,"content":10811},{"level":2272},[10812],{"text":10813,"type":45,"marks":10814},"Payday loan",[10815],{"type":113},{"type":41,"content":10817},[10818],{"text":10819,"type":45},"A payday loan is a short-term loan, typically around $500 or less, that’s due within a week or two of the borrowing date. The loan is usually repaid in a single payment once the borrower receives their next paycheck. This type of loan generally carries high fees. Lenders may charge $10 to $30 for every $100 you borrow, which is an extremely high percentage given the small loan amounts.",{"type":41,"content":10821},[10822],{"text":10823,"type":45},"This type of loan is typically used as an advance on a paycheck that is guaranteed to come in. If you have bills that need to be paid prior to payday, this option can help avoid penalties for falling delinquent on those services.",{"type":56,"attrs":10825,"content":10826},{"level":2272},[10827],{"text":10135,"type":45,"marks":10828},[10829],{"type":113},{"type":41,"content":10831},[10832],{"text":10833,"type":45},"If you are a homeowner, a home equity loan is another financial option. This type of financing allows someone to borrow money based on the equity they have in their home. Equity is calculated by the home’s current market value and the remaining mortgage loan balance on the home.",{"type":41,"content":10835},[10836],{"text":10837,"type":45},"This option is obviously only useful for homeowners. The downside to a home equity loan is that you’re leveraging your home as collateral — which means it could be partially or fully repossessed if you fail to pay the loan.",{"type":56,"attrs":10839,"content":10840},{"level":2272},[10841],{"text":9278,"type":45,"marks":10842},[10843],{"type":113},{"type":41,"content":10845},[10846],{"text":10847,"type":45},"With a home equity line of credit (HELOC), a borrower receives a revolving line of credit that is awarded based on the equity value in their home. Instead of a lump sum of money, borrowers pay based on what they use, similar to a credit card or PLOC.",{"type":41,"content":10849},[10850],{"text":10851,"type":45},"The ideal borrower is a homeowner who has built substantial equity in their home, and who can also afford to make payments on the money being drawn.",{"type":56,"attrs":10853,"content":10854},{"level":87},[10855],{"text":10856,"type":45,"marks":10857},"Find the best personal loan with Navient Marketplace",[10858],{"type":113},{"type":41,"content":10860},[10861],{"text":10862,"type":45},"Personal loans are a great option for someone who needs quick access to funds. They can be used for almost anything, including home renovations, travel, weddings, and even debt consolidation.",{"type":41,"content":10864},[10865,10867,10872],{"text":10866,"type":45},"Whether you’ve already decided that a personal loan is right for you, or you're still doing your research, the ",{"text":1497,"type":45,"marks":10868},[10869],{"type":125,"attrs":10870},{"href":1336,"uuid":128,"anchor":128,"custom":10871,"target":129,"linktype":130},{},{"text":10873,"type":45}," is a great place to get started. Navient is an industry leader in loan originations and loan servicing, and has recently partnered with top-tiered financial institutions to build a comprehensive online platform that can help you choose the option that fits you best. 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