From catchy jingles in TV commercials to the omnipresent ‘no credit check’ Payday lenders on seemingly every corner, the term ‘Payday Loan’ is a familiar one to us all. But what exactly is a payday loan? And more importantly, why does it have such a negative reputation?
Continue reading “How Does a Payday Loan Work?”
Delinquency/Default – You are considered a loan delinquent if you fail to make loan payments when they’re due. Extended loan delinquency eventually leads to loan default, in which you fail to repay your loan according to the agreed upon terms. Student loan delinquency and default can very negatively influence your credit score and credit history (affecting your ability to take out any other loans or types of credit in the future).
Continue reading “Student Loan Key Terms”
Getting accepted into the University or College of your choice is one of life’s happiest moments for most students – at least until they realize how much it’s going to cost. Post-secondary education is notoriously expensive, meaning the average student has to take out at least one loan in order to go to school.
We break down two of the most popular options – the government loan and the student line of credit – to help you figure out which one makes the most sense for you.
Continue reading “Student Loan or Student Line of Credit?”
Everyone’s heard different things when it comes to paying off a mortgage; some claim it’s best to have a really long mortgage in order to increase your savings with lower monthly payments while others say that the freedom you get from paying off your mortgage as quickly as possible is what you should be striving for. So what is the truth about mortgage length?
While there is no set in stone rule for what your personal mortgage length should be, the overall school of thought seems to be that it’s better to pay it off faster.
Continue reading “What Should Your Mortgage Length Be?”
When the housing market collapsed in the United States back in 2007, the blame was placed squarely on the practice of banks doling out subprime loans and mortgages. The word has since taken on a particularly negative connotation, but what does it actually mean? And is it really as bad as the news would have you believe?
Continue reading “What you Need to Know about Subprime Loans”