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Tips for Lending Money to Family and Friends

  Mixing money and family typically is not an advisable financial move. All too often personal feelings get tangled up in a web of financial burdens and it can be a very unpleasant and potentially long-term bad situation. It can be made even more complicated when the ones you are closest to in your family … Read more Tips for Lending Money to Family and Friends

How Does a 401(k) Loan Work, Advantages and Disadvantages

How Does a 401(k) Loan Work, Advantages and Disadvantages 6

Are you thinking about borrowing money from your 401(k) plan? Whether it is for the down payment for your home purchase, for debt payment, to fund your new business venture, or to cover your cash shortfall; borrowing money from your 401(k) is a decision that you need to consider carefully. Table of Content How to … Read more How Does a 401(k) Loan Work, Advantages and Disadvantages

How to Calculate Debt-to-Income Ratio (DTI Ratio)

How to Calculate Debt-to-Income Ratio (DTI Ratio) 9

Debt-to-Income Ratio, or DTI ratio, is how a bank or lender determines what you can afford to borrow. It is a way to assess your ability to pay back the loan based on your income and other debt obligations. If your DTI ratio is too high, then you’re a risky borrower and may not qualify … Read more How to Calculate Debt-to-Income Ratio (DTI Ratio)

5 Reasons to Get Unsecured Business Loan from Lending Club

5 Reasons to Get Unsecured Business Loan from Lending Club 12

With the current credit crunch, raising capital to start or expand a small business can be a real challenge. The bitter irony is that while interest rates are at historic lows, access to funding sources has all but dried up. As a result, many small companies have turned to business credit cards. While credit cards … Read more 5 Reasons to Get Unsecured Business Loan from Lending Club

Cross Collateralization: The Credit Union’s Dirty Little Secret

Cross Collateralization: The Credit Union's Dirty Little Secret 15

Imagine this scenario: You are ready to sell your car, that you now own free and clear, only to be told by your lender that you can’t until you pay off another unsecured loan you have with the same lender. In essence, you are being told that you are not through paying on your car, … Read more Cross Collateralization: The Credit Union’s Dirty Little Secret

Borrowing Money from Lending Club and Prosper

Borrowing Money from Lending Club and Prosper 18

You might have noticed that banks aren’t lending as readily as they used to. The recent credit crisis and economic recession made it difficult to get an unsecured personal loan from your bank — even for a secured loan like a HELOC. The difficulty associated with obtain loans through traditional banks has contributed to an … Read more Borrowing Money from Lending Club and Prosper