Financial Guides
BadCredify’s financial guides are aimed at promoting financial literacy and helping you build wealth. Check out our practical tips and expert advice for more insights on the lending and finance.
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Types of Personal Loans: Pros, Cons, and Best Uses
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On This Page: What is a Personal Loan? Different Types of Personal Loans Risky Loans: Why You Should Avoid Them Standard Purposes for Personal Loans Strategies for Enhancing Your Credit Score to Get Favorable Loan Terms Step-by-Step Guide to Applying for a Loan Bottom Line FAQ Personal Loans: Advantages, Drawbacks, and Ideal Scenarios Any US…
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Do Personal Loans Affect Credit Score?
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On This Page: How Do Personal Loans Affect Credit Score Tips for Using Personal Loans to Build Credit Things to Consider Before You Borrow Money Does Getting a Loan Affect Your Credit Score? — Conclusion FAQ Improve Your Credit with Strategic Borrowing Personal loans can be used for many purposes — from debt consolidation to…
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Are Personal Loans Taxable? Everything You Need to Know
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On This Page: Do You Have to Pay Taxes on a Loan? Key Exceptions and Their Impact on Your Taxes Tax Deduction on Personal Loan Interest When Should Personal Loans Be Reported on Your Tax Returns? Is It Possible to Use a Personal Loan to Cover Tax Payments? Exemption From Personal Loan Income Tax Is…
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Co-Borrower vs. Cosigner Roles Explained
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On This Page: What is a Co-Borrower? What is a Cosigner? Difference Between Cosigner and Co-Borrower Cosigner VS Co-Borrower: Which is Best for You? Bottom Line FAQ Co-Borrower vs. Cosigner Roles Explained A cosigner or co-borrower becomes relevant if you want to take out a loan but have a poor credit history or low income.…
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What is a Loan Principal?
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On This Page: What is the Principal of a Loan? Is Initial Principal the Same as Loan Balance? Principal on Investments Loan Principals and Taxes Difference Between Loan Principal & Interest How Does Repaying Your Loan Principal Work? Your Credit Score & Loan Principal Bottom Line Find out your loan principal now! When taking out…
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Is a Personal Loan Variable or Fixed Rate?
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On This Page: What is a Fixed Loan? How to Get a Fixed-Rate Personal Loan? What is a Variable Rate Personal Loan? What To Consider Before Borrowing Variable Rate Loans? How Your Credit Score Affects Personal Loan Interest Rates What are the Interest Rate Caps? How to Choose Between Fixed and Variable Rates? Suitable Alternative…
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Personal Line of Credit: Unlocking Financial Flexibility
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On This Page: What is a Personal Line of Credit? How Does a Personal Line of Credit Work? Pros and Cons of a Personal Line of Credit Personal Line of Credit vs. Other Financing Options Is a Personal Line of Credit Suitable for Me? How to Get a Personal Line of Credit? Bottom Line on…
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How to Get Overdraft Fees Refunded?
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On This Page: What is an Overdraft Fee? What is Overdraft Protection? Can You Get Overdraft Fees Back? Who Should Not Bother Asking for Refunds? How to Get Overdraft Fees Refunded Quickly? How to Avoid Overdraft Fees in the Future? Bottom Line – Can You Get Overdraft Fees Waived Learn more about how to get…
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Understanding Interest Rates: Key Concepts Every Consumer Should Know
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On This Page: What are Interest Rates? Simple vs. Compounding Interest Rate APR vs. APY How Do Lenders Determine Interest Rates? How Does Interest Work? Discrimination and Interest Rates How Do Interest Rates Affect Bad Credit Loans? The Cost of Bad Credit Loans How to Get a Lower Interest Rate on a Bad Credit Loan?…
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What Is an APR and How Does It Work?
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On This Page: What Is an Annual Percentage Rate (APR)? How Does APR Work? How to Calculate an APR? Different Types of APRs Factors That Affect My Loan APR Interest Rate vs. APR: What’s The Difference? Difference Between APR vs. APY Final Thoughts Discover Your Personalized APR Options Borrowing money typically comes with additional costs.…
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Can I Open a Bank Account With Bad Credit?
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On This Page: Where Can You Open A Bank Account With Bad Credit? What Information Do You Need to Open a Bank Account? What to Consider Before Opening Bad Credit Bank Accounts? What Is a Bad Credit Score? Why Is It Important to Establish a Credit Score? The Bottom Line Pre-Qualify With No Impact On…
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What Is a Credit-Builder Loan?
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On This Page: How Does a Credit-Builder Loan Work? What Impact Do Credit-Builder Loans Have on Your Credit History How to Get a Credit-Builder Loan Who Are Credit-Builder Loans Good for? Where Can I Find Credit-Builder Loans? Pros and Cons of Credit-Builder Loans What Are Other Ways to Improve Credit Scores? FAQ Pre-Qualify With No…
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What is the Difference Between Interest Rate and APR?
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On This Page: What Is Interest Rate? How Are Interest Rates Calculated? What Is APR? How Is APR Calculated? Interest Rate Vs. APR: Main Differences How to Compare Interest Rates vs. APRs? The Bottom Line On Interest Rate Vs. APR Pre-Qualify With No Impact On Your Credit Score Facing personal finance feels like hopping into…
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What Credit Score Is Needed for a Personal Loan?
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On This Page: How Your Credit Score is Calculated? What is the Average Credit Score for Personal Loans? How Do Personal Loans Affect Your Credit? What Do You Need to Qualify for a Personal Loan? Can You Get Personal Loans for Fair or Bad Credit? How Long Does It Take to Improve Your Credit Score?…
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Personal Loan Eligibility Requirements: Things to Know Before Applying
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Before applying for loan, there are multiple things you should think about. Personal loan eligibility requirements are among the most important ones, as they determine your ability to qualify for a loan. Although lenders typically look at certain parameters, they can set different passing levels for them. Let’s take a look at some common criteria.