Fair market value: If you’re looking to sell your home, renovations can be a game-changer. Projects that expand living space or enhance functionality can make your home more appealing to buyers and command a higher asking price.Home equity : One key way to increase the worth of your ownership stake in your home (besides paying down your mortgage) is to improve the home itself. Strategically-selected renovations — like modernizing the kitchen or adding a bathroom — not only enhance your day-to-day living exp ...

While most personal loan interest rates are fixed, federal rate changes and inflation do impact interest rates for new loan borrowers, although indirectly. As the cost of living rises and more Americans take on personal loan debt, it is important for consumers to understand how inflation and federal rate changes can affect their loans. Understanding current interest rate statistics and personal loan information can help you better plan for your own borrowing needs and get the best out of your loan. Bank ...

Sometimes you just need a fresh start. For many people, the new year represents exactly that: a time to wipe your slate clean, reset intentions, and start building new habits. Does that mean you can reset your credit scores in the new year and start fresh? Unfortunately, credit scores don’t “reset.” In fact, many people will see their credit scores drop in the new year due to debt they took on during the holidays. But that doesn't mean you're stuck with bad credit forever. Credit scores are shaped by lon ...

Key takeaways Unsecured loans are debt products that do not require collateral but may come with higher interest rates and stricter credit requirements. There are various unsecured loans, including personal loans, student loans, and credit cards. When determining eligibility for an unsecured loan, lenders will consider factors such as credit history, income and debt-to-income ratio. Unsecured loans are offered by banks, credit unions and online lenders. Unlike secured loans, they’re not backed by ...

The primary difference between APR and interest rate is that APR considers all the costs of your loan, while your interest rate does not. When lenders display an interest rate, it only reflects the percentage they collect monthly on the amount you borrow.So, although your interest rate is just 13% , the true cost of your loan (when factoring in the cost of the origination fee) is 16.33% APR .Using the steps outlined above, here’s how to calculate your APR:Let’s say you borrowed a $15,000 personal loan with ...

Core Insights - Debt consolidation can simplify repayment and potentially lower interest rates for borrowers with average or better credit scores [1][2][3] - The average credit card interest rate is significantly higher at 19.72% compared to the average personal loan rate of 12.21% as of December 2025 [1] Group 1: Benefits of Debt Consolidation - Debt consolidation allows borrowers to combine multiple debts into a single loan, which can simplify finances and reduce stress [5][6] - A fixed repayment schedule ensures consistent monthly payments, preventing unexpected fluctuations in debt payments [7] - Timely payments on a consolidation loan can improve credit scores by positively affecting the credit utilization ratio [8] Group 2: Drawbacks of Debt Consolidation - Borrowers with lower credit scores may face higher interest rates, making consolidation less beneficial [15] - Upfront costs associated with debt consolidation loans can offset potential savings, and fees may be significant [14] - Consolidation does not eliminate the need for responsible financial habits; without addressing underlying issues, borrowers may fall back into debt [11][12] Group 3: Considerations for Debt Consolidation - Debt consolidation is advisable if it aligns with financial goals and if borrowers are committed to changing spending habits [19][20] - Alternatives to debt consolidation include debt management plans, debt settlement, balance transfer credit cards, and repayment strategies like the snowball or avalanche methods [27]

Keeping track of average personal loan rates can give you an idea of how much you’ll pay for a personal loan for debt consolidation, home improvement, emergencies or any other financial goal that requires quick funding with a fixed monthly payment. The average is often well below average credit card rates, making personal loans a great choice for credit card debt consolidation, so long as you qualify for those average rates. If you’re very rate-conscious, it’s also important to track how the lowest avail ...

Core Insights - Personal loans serve as a quick credit solution during financial emergencies, but borrowers may sometimes need to cancel them if the emergency is resolved or postponed [1] Cooling-Off Period - The cooling-off period for personal loans is a designated timeframe allowing borrowers to cancel the loan, typically ranging from 3 to 15 days post-disbursement [2][10] - This period is also referred to as the look-up period [2] Bank-Specific Policies - **ICICI Bank**: Offers a 15-day cooling-off period with no cancellation charges if canceled within this timeframe; however, processing fees are non-refundable. A cancellation fee of ₹2,500 applies after the cooling-off period [3] - **Kotak Bank**: Provides a cooling-off period of the transaction plus four days for digital loans, with no cancellation charges during this period. Post-cooling-off, charges are ₹1,000 + GST or 1% of the principal outstanding + GST, whichever is higher [4] - **IDFC FIRST Bank**: Has a 3-day cooling-off period with no cancellation charges if canceled within this timeframe [5] - **HDFC Bank**: Allows cancellation within the cooling-off period but charges interest from disbursement to cancellation date; processing fees and other charges are non-refundable [6] - **Tata Capital**: Offers a 3-day cooling-off period with no penalties for prepayment; post-period cancellation charges are 2% of the loan or ₹5,750, whichever is higher [7] - **SMFG India Credit**: Allows cancellation before the first EMI with a charge of ₹1,000 + GST [8] - **Hero Fincorp**: No cancellation charges for online cancellations, but processing fees are non-refundable [9] Cancellation Process - If a personal loan needs to be canceled, borrowers should check the cooling-off period and any applicable cancellation charges [10] - If the cooling-off period has expired, borrowers may negotiate with the bank/NBFC for a waiver of cancellation charges [11] - The cancellation process involves submitting a request form and repaying the loan amount, after which the bank will confirm the loan closure [12]

Key takeaways The purpose of your loan can impact the amount, terms and interest rates you’re offered. Some lenders also place restrictions on how you can use the proceeds. Prequalifying with multiple lenders can help you find the best loan offer for your intended purpose, without hurting your credit. When applying for a personal loan, lenders will ask why you need the funds — and your answer matters. While many lenders offer personal loans that can be used for any (legal) purpose, some place rest ...

If you're planning to borrow or refinance a loan soon, you may be wondering what's in store for 2026. While nothing is set in stone, experts expect loan rates to decrease slightly in 2026 — but not dramatically. Interest rates are unlikely to return to the rock-bottom numbers of a few years ago, but even a modest decline could lower your borrowing costs. A rate decrease could save you hundreds or even thousands of dollars in interest charges on a personal loan, car loan, or student loan. Understanding wh ...