What Does It Mean to Be Unbanked? | Banking Advice

[ad_1] Key Takeaways: An estimated 5.9 million households in 2021 had no checking or savings accounts with a traditional bank or credit union. People with no bank account may face costly fees, limited savings opportunities, and a risk of theft or loss of cash. Bank On is a national platform that connects consumers to affordable … Read more

What is Buy Now, Pay Later?

[ad_1] Key Takeaways Buy now, pay later services let you pay for a purchase over time, including biweekly or monthly installments. Some buy now, pay later services come without interest or fees, but it can depend on the company, your credit and the cost of your purchase. Be cautious when using buy now, pay later … Read more

New Home Financing: Should You Use a Builder’s Preferred Lender? | Mortgages and Advice

[ad_1] Key Takeaways Homebuilders may partner with preferred lenders to offer competitive mortgage rates, closing cost credits, sales price reductions or other incentives. A builder’s incentives may be offset by higher fees and interest rates from the preferred lender, which can make the deal less attractive. You’re not required to use your builder’s preferred lender, … Read more

Discover Is Exiting the Student Loan Business | Student Loans and Advice

[ad_1] Key Takeaways Discover will stop accepting applications for student loans starting Feb. 1, 2024. Discover plans to sell its student loans business. Existing Discover Student Loans borrowers should keep an eye out for any changes. Discover Financial Services will no longer accept student loan applications as of Feb. 1, 2024, after announcing in November … Read more

PenFed Credit Union vs. Navy Federal: Which is Right For You? | Banking Advice

[ad_1] Key Takeaways PenFed and Navy Federal are credit unions that show their appreciation to those with a military affiliation by offering strong benefits. Navy Federal Credit Union is only open to those associated with the military; whereas, PenFed Credit Union is open to everyone. Compare factors when choosing between the two credit unions, like … Read more

Can You Get a Personal Loan With No Credit Check? | Personal Loans and Advice

[ad_1] Key Takeaways No-credit-check personal loans don’t consider a borrower’s personal creditworthiness in the approval process. These types of loans exist, but they often come with high interest rates and fees. You may be better off choosing a standard personal loan from a lender that caters to borrowers with less-than-great credit.  There are several alternatives … Read more

Mortgage Alternatives: Buying a House Without a Mortgage | Mortgages and Advice

[ad_1] Key Takeaways Besides taking out a mortgage, your best bet for homeownership is to buy a house in cash. Less common mortgage alternatives include rent-to-own agreements and owner/seller financing. Both rent-to-own and seller financing come with their fair share of risks compared with a traditional mortgage. Taking out a mortgage can be an obstacle … Read more