Replacing your home’s windows can be a costly project — but it can pay off in a wide variety of ways.

If you live in a home long enough, odds are you’ll likely consider replacing the windows. It’s not the most fun home-improvement project, but you might see significant benefits in your home’s energy efficiency, security and curb appeal.

We’ll go over when it may be time to replace your windows, how much it typically costs to replace the windows of your home, and what the advantages of new windows can be.

• When to get new windows
• What does it cost to replace windows?
• How much do new windows add to the value of a house?
• What’s next: Financing new windows for your home

When to get new windows

As your home gets older, you might start thinking about whether to replace your windows. Windows tend to last about 20 years, though you can sometimes keep them for longer — 40 years or more, depending on the type of material they’re made from.

Windows reaching the end of their lifespan tend to show signs that it might be time to replace them. These can include …

• Significant damage and decay — Over time, your window frames and jambs can rot or deteriorate. In some cases, you can fix the damage, but you must replace the window if it’s in poor condition to prevent air and water leakage.
• Loss of function — If your window no longer opens and closes smoothly, you likely need to replace it.
• Noise — Just like windows that let in warm or cold air need replacing, so do windows that no longer block outside noise effectively.
• Condensation between your windowpanes — It’s relatively common to see condensation on the inside or outside of your window, but if you begin to see it between the glass panes, your window needs to be replaced.

Of course, you may also choose to replace your windows because you simply want to go with a different look, or if you want to increase your home’s energy efficiency.

Depending on your goals, you may not need to fully replace your windows. If your windows still work well and look good to you, you might want to try making them more energy efficient without buying new windows altogether. For example:

• Caulking and weatherstripping — This can help seal your window tightly to prevent air leakage. Check any existing caulk and weatherstripping to see if it needs replacing.
• Window coverings — Things like blinds, Roman shades, shutters or solar screens can give you more control over how much sunlight makes it into your home and help insulate against the weather.
• Storm windows — Installing storm windows in your existing casings can give you much of the energy savings of brand-new windows at a fraction of the cost.
• Shading — Putting in awnings or other exterior shades can prevent the sun from shining too brightly into your home to help control your cooling bills.

What does it cost to replace windows?

Replacing one window may not be all that expensive, but you’ll rarely be replacing just one. Multiplying the cost by all the windows in your home, you could face a hefty bill.

The average window replacement costs $850 per window, according to HomeAdvisor, though typical costs can range between $300 and $1,200. The average U.S. house has 22 windows, according to the EPA, so that would leave you with a total cost of about $18,700, with a range between $6,600 and $26,400 — no small amount.

In 2023, a typical vinyl window replacement cost about $20,091, according to Remodeling magazine’s 2022 Cost vs. Value report. For wood windows, the cost was about $24,376.

The size and type of windows you choose affect the price you ultimately pay. Fiberglass windows typically cost the most, while vinyl or aluminum windows are on the cheaper end, per HomeAdvisor data.

You may also need to apply for and pay for permits before making any replacements, depending on your local government’s rules. Some areas require permits for window replacements, while others don’t.

If you’re particularly handy, you may be able to install your new windows yourself and save money.

How much do new windows add to the value of a house?

While replacing your home’s windows is a costly project, it can pay off by adding value to your home. According to the Remodeling’s 2023 Cost vs. Value report, replacing vinyl windows adds an average of $13,766 in value to a home — about 69% of the cost of the project. The return on investment for replacing wood windows is slightly less, adding $14,912 in value to your home, on average.

But replacing your windows can have other pluses, as well. Here are some of the other advantages of window replacement.

Energy efficiency

According to the U.S. Department of Energy, roughly 25% to 30% of your home’s energy use can be attributed to heat gain and loss from your windows. Luckily, window technology has improved dramatically in recent years, meaning a new window may help to dramatically cut down on your energy losses, particularly if your existing windows are outdated. As you shop for new windows, “Energy Star” labels can help you see which models are the most energy efficient.

Curb appeal

Windows are one of the most prominent features of your home, so outdated, deteriorating windows can turn your home into an eyesore. Especially if you are looking to sell your home soon, installing new windows can help give your home a major boost in curb appeal and attract potential buyers.

Less outside noise

Windows that need replacing often allow outside noises to filter into your home, disturbing your peace. New high-quality windows can block much of this noise before it reaches your ears. You can even buy “soundproof” windows designed to significantly reduce the noise pollution seeping into your home. If you live in a noisy neighborhood, this can be a major selling point.

Tighter security

Windows that aren’t functioning properly may allow criminals easier access to the inside of your home. Replacement windows with well-functioning locks, more-secure frames and stronger glass can help keep your home more secure overall and help deter home invasions.

What’s next: Financing new windows for your home

If you’re replacing all or many of your home’s windows, you may need a little help paying for the project. Cash is typically the best and cheapest way to fund a home improvement, but you may not have enough saved up or you might not want to dip into your emergency fund when your windows need replacing. If you’re in this situation, consider one of the following ways of financing new windows:

• Personal loan — A personal loan is a type of installment loan that usually has fixed rates and gives you a full, lump sum upfront. You can often take out a personal loan quickly from an online lender, receiving the money sometimes as soon as the next business day after you’re approved for the loan.

Take note: The following options are loans secured to your home. That means you may lose your home if you can’t repay the amount you borrowed.

• Home equity loan — A home equity loan is borrowed as a lump sum and paid back over a period of years, usually at a fixed interest rate. The amount you can borrow is based primarily on how much equity you have in your home, and your property is used as collateral.
• Home equity line of credit — HELOCs also allow you to borrow against the equity in your home, but this type of loan works more like a credit card. You get a set limit and can generally use your HELOC account as many times as you like up to your limit. With a HELOC, there’s typically a draw period for when you can borrow the funds. If you want to borrow funds outside of the draw period, you may need to renew your HELOC.
• Cash-out refinancing — With a cash-out refinance, you take out a new mortgage that pays off and replaces your current mortgage. Your new loan is for a larger amount than you currently owe, with the difference coming to you as cash that you can use as you see fit.

Source: © 2023 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com

Interested in buying a foreclosed home? Learning about the process, as well as the risks and advantages, will help you understand what you’re getting into.

Our guide covers how to buy a foreclosed home and what to look out for when making this type of home purchase. We’ll also cover the different types of foreclosure sales.

• What does foreclosure mean?
• Types of foreclosure sales
• How to buy a foreclosed home
• Advantages of buying a foreclosed home
• Are there disadvantages to buying a foreclosed home?
• Financial help for buying a foreclosed home
• Next steps: Is buying a foreclosed home right you?

What does foreclosure mean?

When homeowners don’t pay their mortgages, they risk foreclosure. This is when a lender seizes the property and sells it to recoup the investment they made in the mortgage. The foreclosure process typically begins after a borrower misses several months of mortgage payments.

When the economy is down, there may be more foreclosed homes available to buy — and homes in foreclosure tend to be cheaper than other properties on the market.

Types of foreclosure sales

When you think of buying a foreclosed home, you may think of auctions held on the courthouse steps. But this is only one type of foreclosure sale. You may be able to buy a home at different stages in the foreclosure process.

Early on, you may be able to buy a distressed home while the homeowner still owns it. Later, you may work with banks or the government to buy a home that’s been seized.

Here are five types of common foreclosure sales.

• Preforeclosures — This refers to homes that are in the early stages of the foreclosure. Many states require loan servicers to notify the homeowner that they’re at risk of losing their home and offer a process to help them get caught up on their payments. Some homeowners may be eager to sell their homes at this stage to avoid a long, painful foreclosure process.
• Short sales — If a homeowner currently owes more on their mortgage than the property is worth, they are considered to be “underwater” on their loan. In this case, a lender may agree to what’s known as a short sale. This is when the lender accepts a home sale for less than the mortgage balance to avoid foreclosure.
• Sheriff’s sales — Once a foreclosure is completed, the home is often sold in a public auction conducted by the local sheriff’s office. In some states, lenders must hire a law firm or trustee company to host the sale. In either case, these foreclosed homes are sold to the highest bidder.
• Bank-owned properties — In some cases, foreclosed homes don’t receive a high enough bid and the bank that issued the mortgage chooses to buy the property. The bank will then try to get the best possible price on the open market within a reasonable period of time.
• Government-owned properties — Much like banks, government entities can also take possession of real estate after foreclosures. The federal government and state and local governments often have homes for sale.

How to buy a foreclosed home

The process of buying a foreclosed home will vary based on the state you live in and the property’s stage of foreclosure. But there are some common steps you can take that can help prepare you for buying a home in foreclosure.

1. Research which foreclosure type might work for you

For example, in some states, foreclosed homes sold at auction must be paid for immediately in cash. Other states only require a cash deposit of a small percentage of the sales price. If you don’t have much cash on hand, you may need to focus on preforeclosures or homes that have already been repossessed.

2. Determine how much you can afford

No matter how you buy your home, you’ll want to comfortably afford the payments. Check your monthly budget and see how much you can reasonably pay each month for your home. A general rule is that you don’t want your mortgage payment to be more than 28% of your gross monthly income. Factor in all the costs of your mortgage — including insurance and taxes along with principal and interest.

Let’s say you earn $72,000 per year, or $6,000 per month. That means you’d ideally keep your monthly mortgage below $1,680. A mortgage calculator can help you translate that into a maximum purchase price for a home.

3. Hire a real estate agent familiar with foreclosures

Buying a foreclosure can be complicated and involve negotiations with lenders and sellers. A good real estate agent can help.

Look for agents with experience buying foreclosed homes in your area to help you navigate the process.

4. Find foreclosures for sale

There are plenty of resources online to help you find homes in some stage of foreclosure. With sites like Zillow and Redfin you can filter for listings that are in preforeclosure or that have already foreclosed.

You can also find government-owned foreclosures online on agency websites, including the U.S. Department of Housing and Urban Development, the U.S. Department of Agriculture and Fannie Mae or Freddie Mac.

5. Get preapproved for a mortgage

To get preapproved for a mortgage, you’ll give your lender some information about your finances. In return, they’ll give you a conditional offer to loan you money up to a certain amount. This can give you some reassurance that you’ll likely get approved for a mortgage once you’ve settled on a house, though it’s not a guarantee. You can also be preapproved with multiple lenders to compare the offers you receive.

6. Make an offer

When you and your real estate agent have settled on a home and a fair price for it, it’s time to make an offer. Depending on the stage of foreclosure, you may need to make a bid at a public auction, or you may be dealing with a bank or the homeowner directly. Your agent can help make sure your offer goes to the right place.

7. Get an inspection and appraisal

Once your offer has been accepted, it’s a good idea to have the home professionally inspected before committing to the purchase. In a home inspection, a third-party inspection company will walk through the home and identify potential problems with its physical condition. You may be able to cancel the purchase if the inspection turns up issues that will need significant repairs.

However, homes bought out of foreclosure are often sold strictly “as-is,” and you may not even have the chance to inspect it. This can be risky. It’s a good idea to have some money set aside to fix up the home if you go this route.

If you’re buying the home using a mortgage, your lender will likely require the property to be appraised to make sure it’s worth enough to justify the loan.

8. Buy your home

Again, this might look different depending on the type of foreclosure you’re buying. You may sit down at a closing table to sign documents as you would in a traditional home sale, or you may be paying a cash deposit after an auction. Your real estate agent and lender can help guide you through the process.

Benefits of buying a foreclosed home

The benefits of buying a foreclosed home can include …

• Lower prices — Homes in foreclosure are often cheaper than similar homes on the open market. That’s often because of the perceived risk of buying a foreclosed home, and the sometimes-complicated nature of doing so.
• Motivated sellers — When a home is in foreclosure, homeowners may be eager to sell the home quickly to avoid legal and financial trouble. After a home has been foreclosed, the bank or government agency that now owns it likely doesn’t want to keep it for long. In both cases, sellers may be willing to work with you and give you benefits you might not find on the open market.
• Easy to build equity — Foreclosed homes may be cheaper than normal or need repairs. If you can buy the home at a good price and fix it up, you may be able to quickly boost the value and gain a significant amount of equity.

Are there disadvantages to buying a foreclosed home?

There are also risks for buying a foreclosed property. These can include …

• Buying as-is — In most cases, you won’t be able to ask sellers to make repairs before the home is sold. You’ll need to take on those projects yourself once you’ve closed on the sale. If you can’t inspect the home before buying, you may run into hidden costs you weren’t expecting.
• Complicated negotiations — Buying a foreclosed home can involve a lot of different parties, including banks and government agencies as well as the homeowner. If you’re used to traditional homebuying, it can be frustrating to potentially have to wait on different levels of approval.
• A lot of competition — The best foreclosed home deals are likely to generate a lot of interest. This can push the price up beyond what you’re willing to pay. Also, companies often buy foreclosed homes as investments, making the competition even stiffer.

Financial help for buying a foreclosed home

Depending on the condition of the property, it may be difficult to get a mortgage from a private lender to buy a foreclosed home. If the traditional lenders you contact are hesitant to approve you for a loan, you may consider government-sponsored loan programs. These include …

• 203(k) loans — These loans from the Federal Housing Administration are designed to help homebuyers finance both the purchase of a house and the repairs needed to get it back into shape. The 203(k) program is actually a type of mortgage insurance, not a loan, so you’ll need to apply through an FHA-approved lender.
• Fannie Mae HomePath Ready Buyer™ — Fannie Mae offers special financing to first-time homebuyers who want to purchase a foreclosed home that Fannie Mae owns. This includes up to 3% in closing cost assistance through the Ready Buyer program.
• Freddie Mac HomeSteps® — Freddie Mac offers some homebuyers a “first look” at the foreclosed homes it owns, before investors get the chance to bid. Freddie Mac also has several renovation mortgages that can help you get the home ready to live in.

Next steps: Is buying a foreclosed home right for you?

Buying a foreclosed home can entail risks and complications that you usually won’t face when you buy a home the traditional way. But buying a foreclosed home can also mean a lower price point and a quicker route to equity.

Before you start, think about your financial goals and timeframe for buying a house. A real estate agent or loan officer with experience in dealing with foreclosed homes may be able to help you weigh your decision.

FAQs about buying a foreclosed home

With direct deposit, you can get paid much faster than with a paper check. That’s why nearly all American workers use direct deposit from their employers.

More than 93% of U.S. workers receive their pay via direct deposit, according to the 2022 “Getting Paid in America” survey from the American Payroll Association. It’s a secure, convenient and quick way to get paid.

But how quick? In this article, we’ll go over what time direct deposit usually hits and when you can expect your paycheck to be deposited.

• What is direct deposit?
• What time of day does direct deposit hit?
• Do direct deposits drop on Sundays?
• Benefits of using direct deposit
• Direct deposit without a bank account
• Next steps: Setting up your direct deposit

What is direct deposit?

Direct deposit (sometimes referred to as electronic funds transfer, or EFT) is an electronic way of sending and receiving payments. Money is deposited directly into the recipient’s bank account, rather than issuing a paper check. Recipients can choose to have money deposited into their checking or savings account.

Direct deposit payments are sent using the Automated Clearing House, or ACH, network. The money is sent electronically using encryption, keeping your bank account information safe.

Employers commonly use direct deposit to pay their employees, and government agencies often use direct deposit to send benefits and tax refunds.

What time of day does direct deposit hit?

Usually, you’ll have access to your direct deposit at the opening of business on your payday — by 9 a.m. In many cases, direct deposits hit accounts even earlier, often between midnight and 6 a.m. on payday morning.

But there are factors that can affect how long it takes your direct deposit to become available. That’s because there are several steps in the process of getting money from your company to your bank account.

1. Your employer sends payroll information. First, your employer will send a payment file to its bank, listing all employees, their bank account information and the amount they’re to be paid.
2. The ACH network processes the file. The employer’s bank then sends this information to an ACH Operator, typically either the Clearing House or the Federal Reserve, to work through the list and make sure all payments go to the correct places.
3. Your bank receives payment. Next, your bank receives payment from the ACH network.
4. Payment hits your account. Finally, your bank or credit union makes the money available in your account.

These steps can take a few days, but most companies start the process early so you’ll receive your money on payday. If a company doesn’t have the payroll information ready early enough, your money could be delayed.

While many people believe it takes three to five days for the ACH to process payments, the network moves quickly and can clear payments as soon as the same day.

Your bank also plays a role in when you get access to your pay. By law, banks must make direct deposits available by the next business day after the banking day the money is received from the ACH. But banks can choose to make the money available sooner than that — and many opt to give you access to your money right away.

Do direct deposits drop on Sundays?

Direct deposits don’t arrive on Sundays. That’s because the ACH network doesn’t settle payroll information on weekends or holidays when the Federal Reserve is closed. If your regular payday is scheduled to fall on a weekend, most employers will schedule payments to go out on the Friday before.

Benefits of using direct deposit

Here are some of the advantages that come with using direct deposit.

• Safety — With direct deposit, you don’t have to worry about a paper check being lost or stolen. Direct deposit data is also encrypted, keeping your account information secure.
• Quick access to your money — In many cases, you’ll have access to your money even before 9 a.m. on payday.
• Convenience — Since your money goes straight into your bank account, you won’t have to pick up a check or run to the bank to deposit it. You can use the money right away.
• Low costs — With direct deposit, there are no check-cashing fees or other charges. Many banks even allow you to waive checking account monthly maintenance fees by using direct deposit.
• Savings options — When you set up your direct deposit, you can choose to split your payment — sending a certain percentage to your checking account and some to your savings account. This can make it easier to build up your savings.

Direct deposit without a bank account

You can usually take advantage of the benefits of direct deposit even if you don’t have a bank account. Many employers offer pay cards as an option for getting paid. These are reloadable prepaid debit cards that an employer can use to send electronic payments directly to you. Your money is deposited onto your pay card on payday.

Pay cards work much like a traditional debit card. You can typically use pay cards to access your money at an ATM and to make purchases. You also get many of the same benefits you would with direct deposit — your money is secure, payments arrive quickly and you can avoid check-cashing fees.

It’s important to note that sometimes pay cards come with fees, though these are relatively uncommon. You may also need to pay ATM fees to withdraw cash from your pay card — though often you’ll be allowed one free ATM withdrawal per pay period.

Next steps: Setting up your direct deposit

In most cases, you can set up direct deposit through your employer by contacting the company’s payroll department (if you weren’t already asked about it when you were hired).

If you have a bank account, the payroll department will typically give you a short form to fill out with your account information, including routing number and account number. You may also be asked to supply a blank, voided check.

As you set up direct deposit, think about where you want the money deposited. It may be simpler to send your entire paycheck to your checking account, but the option to send a percentage of your pay directly into a savings account could be a way to help you achieve some of your financial goals. Another option may be to send a portion of your money to an investment account, where it may grow at a faster pace than in your savings.

Pros

• No credit score requirements
• Connects to your existing bank account
• Lower interest rate (with autopay) than most credit cards

Cons

• Multiple fees may apply
• A security deposit may be required
• Relatively low credit limits
• Not available on Android

What you need to know about the Grain app

The Grain app allows you to borrow money for day-to-day expenses while still only using your current checking account and debit card. Intended to help people build their credit, Grain is essentially an alternative to a credit card. The amount you can borrow is based on your cash flow. You can transfer this money into your checking account through the app to spend as you usually would, and then pay it back at the end of your billing cycle every month. 

To avoid paying interest, aim to pay your statement in full by your statement due date. Paying the full statement balance each month will have a positive impact on your credit

To use the service, you can use an Apple iPhone or tablet and download the Grain app from the App Store. It’s not currently available on Android.

No credit scores required

Many credit cards require good credit to qualify, and people with lower credit scores may face higher interest rates. Grain doesn’t require minimum scores or base its offerings on your credit history. You can build your credit scores over time by making on-time payments through the app.

Lower interest rate than most credit cards

Grain charges a flat 15% APR (if you use autopay), which is charged on balances following a 21-day grace period after your payment is due. According to Federal Reserve data, this is lower than the average credit card interest rate of 16.27% as of August 2022. People with little credit history or bad credit scores would likely face much higher interest rates on credit cards.

Multiple fees may apply

You’ll face several different kinds of fees when using Grain. First, you may need to pay a sign-up fee, which can range from $56.25 to $75, and then a monthly service fee based on your credit limit. You also pay a 1% fee whenever you access your credit line. Finally, avoid making late payments, as Grain charges 5% of your minimum payment (or $5, whichever is less) and it can negatively impact your credit.

A closer look at a Grain app personal loan   

• Relatively low credit limits. The amount of credit you’re offered is based on your cash flow, but there’s currently a maximum credit line of $1,000. You may be able to increase this limit after six months of using the app.
• A security deposit may be required. Before getting a line of credit, you may need to put up a certain amount of cash as a deposit. Grain doesn’t disclose on its website how much this might be.
• Higher interest rate without autopay. If you choose to make all your payments manually, you’ll face a 17.99% APR.
• Credits appear in your bank account quickly. Once you choose to use your credit line, Grain says the money may appear in your checking account instantly, though it may take up to one business day.

Who is the Grain app good for?

The Grain app may be a good option for people with low credit scores or short credit histories who have trouble qualifying for a credit card. Grain doesn’t have minimum credit requirements, meaning this app may give you access to a line of credit even if you can’t get one elsewhere. 

Grain also may work well for people who have steady, predictable income. That’s because Grain bases its credit lines on your cash flow, or how frequently and reliably you’re paid. 

How to apply with Grain

To get started with Grain, you’ll need to download the Grain app from the App Store on your Apple iPhone or tablet. Then, you connect your primary checking account to the service. Ideally, you’ll use the checking account where you receive your paychecks and make most of your regular payments. Grain uses your checking account history to make a credit offer. This process generally only takes a few minutes. At this point, you may be required to make a security deposit.

You’ll use the app to access the money if you’re approved and accept a credit offer. On the “Credit” tab, tap “Withdraw Credit” and select an amount. This money is transferred into your checking account. 

Not sure if the Grain app is right for you? Consider these alternatives.

• Chime: If you don’t have a current checking account, Chime may be a good option. Chime offers fee-free checking accounts, the ability to overdraft up to $200 for free, and a credit-builder loan option.
• Dave: The Dave app allows you to get up to $500 as an advance on your paycheck, with no interest charged.

Pros

• No origination fee
• Wide range of loan terms
• Credit-builder loan program available

Cons

• No online application
• Rate quotes are only available in eight states

What you need to know about a BMO Harris personal loan

BMO Harris is a large, full-service commercial bank based in Chicago owned by the Bank of Montreal. The bank’s business is concentrated in the Midwest, with more than 500 branches across Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

The bank offers a full range of personal banking products, including checking accounts, savings accounts, certificates of deposit, mortgages and retirement accounts. It also offers personal loans at fixed interest rates.

No online application

Many personal loan lenders allow you to complete an application online, potentially allowing you to receive loan offers within a few minutes without the need to speak to a human. But with BMO Harris, there are only two ways to apply for a personal loan: In person at a BMO Harris bank branch or over the phone.

Relatively small loan amounts, but wide range of loan terms

BMO Harris personal loans can range from $1,500 to $35,000. This is lower what than some other lenders offer.

Along with small personal loans, BMO Harris offers a wide array of loan terms. You can select a loan term as short as 12 months or as long as six years. This can give you more control over your monthly payment.

Credit-builder loan available

If you can’t qualify for a personal loan, BMO Harris offers a different type of loan designed to help you improve your credit score while building up your savings at the same time. With the bank’s Credit Builder Loan Program, you borrow money to buy a certificate of deposit. As you make your payments on time, your credit may improve. At the end of the loan term, you get the money you saved in the CD, plus the interest.

A closer look at a BMO Harris personal loan  

• Difficult to find rates online — On the BMO Harris website, you can only see your potential minimum interest rate if you live in the states where BMO has branches. If you live in any other state, you’ll have to call to find out what rate you may receive.
• Quoted rates include discounts for autopay — Any rate you’re quoted will include a 0.5% discount, assuming you’ll use autopay. To qualify for the discount, automatic payments must come from a BMO Harris checking account.
• Option to receive loan money by check — When you’re approved for a BMO Harris personal loan, you can opt to have the proceeds deposited into your bank account, or you can get a check.
• Funding in a few days — BMO Harris doesn’t promise same-day or next-business-day loan funding. Instead, the bank says you’ll have your money in a few days.

Who is a BMO Harris loan good for?

BMO Harris may be a good option if you’re already a BMO banking customer with a checking account and regularly visit a bank branch. You may be able to apply for a personal loan while you’re already at the bank for other business. You’ll also be at an advantage since you need a BMO checking account to get the autopay rate discount.

And a BMO Harris credit-builder loan may also be a good option if you’re working on improving your credit score. You may be able to use the bank’s Credit Builder Loan Program to increase your score high enough to qualify for a personal loan in the future. This loan doesn’t have a minimum credit score to qualify.

How to apply with BMO Harris

To apply for a BMO Harris personal loan, you’ll need to visit a branch in person or call the bank. BMO Harris recommends you bring valid personal identification with your current address.

To qualify, BMO Harris says you must demonstrate a “positive credit history,” which the bank determines by pulling your credit report. If you don’t have meet the requirements for a personal loan, you may be eligible for the bank’s Credit Builder Loan Program.

Not sure if BMO Harris is right for you? Consider these alternatives.

• SoFi: If you prefer an online personal loan application, you might consider SoFi.
• Wells Fargo: If you’re drawn to the security of a big bank, you might look at Wells Fargo, but you’ll need to be a Wells Fargo customer to apply.

Pros

• Online prequalification
• Same-day funding possible
• Personal loan refinancing available

Cons

• High credit score requirement
• Origination fee on all loans

What you need to know about an Axos Bank personal loan

Axos Bank is a full-service online financial institution founded in 2000 and based in San Diego. In addition to personal loans, the bank offers a wide range of personal and business financial services, including checking accounts, mortgages, investment accounts, car loans, small business banking and commercial lending.

Axos Bank gives customers access to ATMs across the country, many with no surcharge. Personal loans are only offered online, though you can reach the company by phone or email with questions.

Online prequalification

Axos Bank makes it relatively easy to prequalify for a loan and see what rates and terms you may be offered on a personal loan. The company says the process takes about three minutes. You’ll see potential loan offers quickly based on the information you provide about your income, employment and credit — though you’ll need to back this up with documents once you decide to move forward with completing a loan application.

Same-day funding possible

Personal loans from Axos may be deposited into your bank account the same day you accept the loan terms. The company says it may take up to two business days to receive your money though, and you should take into account your bank’s policies as well.

Origination fee required on all loans

Axos charges an origination fee of between 1% and 2% of your loan amount, based on your credit. This amount is deducted from your loan funds. You may also face insufficient funds fees if you don’t have enough money in your bank account to cover a payment, and late fees if payments aren’t on time.

A closer look at an Axos Bank personal loan

• High minimum credit score requirement — To qualify for an Axos Bank personal loan, you’ll need credit scores of at least 700. That’s higher than some other lenders require.
• Relatively high minimum APR — Personal loans from Axos Bank have an APR ranging from 7.15% to 17.99%. While this maximum APR is lower than some lenders, you can find a lower minimum APR elsewhere.
• Midrange loan amounts — Axos Bank loans can range from $5,000 to $50,000. That’s a higher minimum than you’ll find at some lenders, as well as a lower maximum.
• Flexible loan terms — You may be able to choose a loan term between three years and six years.
• Loan refinancing available — Once you’ve had your Axos Bank personal loan for six months, you may be able to refinance it at a lower interest rate or longer term — just keep in mind that refinancing means another credit check and a new origination fee.
• No co-signers — Axos Bank does not allow co-signed personal loans.
• Available nationwide — Axos Bank issues personal loans in all 50 states.

Who is an Axos Bank loan good for?

Axos Bank may be a good option for somebody with credit scores around 700, the bank’s minimum for personal loan borrowers. Because Axos has a maximum APR lower than many competitors, you’re more likely to receive a better rate here than elsewhere if you have good credit. If you’ve got excellent credit though, you may want to research other lenders with a lower minimum APR.

How to apply with Axos Bank

The application for a personal loan from Axos Bank is entirely online. Before applying, you’ll want to make sure you meet the company’s requirements for a personal loan. You must have the following:

• Credit scores of at least 700
• Income you can verify
• At least four years of credit history

When you’re ready to move forward, you’ll start by prequalifying, using a relatively simple online form that the company says takes about three minutes to complete. You’ll fill in how much money you’re looking to borrow, what you’d like to use the money for, and your contact information. Axos recommends that you have a valid ID and your Social Security number handy to make the process smoother.

Once you finish the prequalification process, you should receive loan offers and options within minutes if you qualify. If you choose to move forward, you’ll need to provide documents that prove your income and assets. These can include …

• Paystubs
• W-2s
• Tax returns
• Bank statements
• Benefits statements

Completed applications are sent to the Axos Bank underwriting team, and loan decisions are typically made within 48 hours. You’ll need to connect a bank account to Axos, which the company will use to deposit your loan funds and collect automatic payments.

Like most personal loans, Axos Bank’s loans are paid back at a fixed interest rate and a payment that does not change for as long as you have the loan. You can pay back your loan early or make extra payments with no prepayment penalties.

Not sure if Axos Bank is right for you? Consider these alternatives.

• SoFi: SoFi doesn’t charge late fees, and loans can be as large as $100,000.
• Happy Money: People wanting to consolidate debt may choose a Happy Money “Payoff” loan, specifically tailored to climbing out of credit card debt. This includes paying off your creditors directly.

Pros

• Ability to build credit
• Easy overdraft avoidance
• Early access to your paycheck

Cons

• Only small loans are available
• You must use a Chime checking account
• High APRs on instant loans

What you need to know about a Chime loan

Chime is a financial technology company that aims to provide free or low-cost basic banking services to people across the U.S. It’s not a traditional personal loan lender, but it does offer some loan-like services to its members.

Chime’s primary product is an online checking account with no monthly fees. Once you open this account, you get access to several other products and services, including …

• Chime Instant Loans — These are small loans that Chime deposits into your checking account. Loans start at $100, though you may be eligible for larger amounts. You pay back these loans over three months, and you can have the payments automatically deducted from your checking account.
• SpotMe — This is Chime’s version of overdraft protection. SpotMe allows you to make purchases that overdraw your account up to $200 with no fees. Your next direct deposit goes toward any negative account balance.
• Chime Credit Builder — This is a secured Visa credit card with no annual fees, interest or large security deposit required. Instead, you move money from your Chime checking account into your Credit Builder account. The amount you have in your Credit Builder account is the total you can use for purchases on the card.
• Early Direct Deposit — You get access to your paycheck as soon as payroll information is sent to Chime, which may be up to two days earlier than you’re scheduled to be paid.

Convenient ways to get you through to payday

Instant Loans and SpotMe are ways to cover shortfalls between paydays and are available through the Chime app. You can get the $100 to $200 you need for day-to-day purchases, with automatic ways to pay them back. Just remember that these forms of borrowing can set you back like any other type of borrowing when repayment is due — so you’ll want to have a plan for getting back on track.

High APRs on instant loans

With Chime’s Instant Loan, you’ll pay $5 in interest for a $100 loan. This may not sound like much, but it comes out to an APR of nearly 30% for the three-month term. This is higher than you’d pay with many personal loan lenders, though few offer such small loans. If you’re looking to make every dollar count at this stage of your financial journey, you’ll want to avoid using Instant Loans unless you think it’s absolutely necessary.

Must be a Chime member

To access Chime’s programs, you must be a member with a checking account. If you already have a banking relationship elsewhere, you’ll need to switch to Chime to use its products.

A closer look at a Chime loan  

• No overdraft fees — Chime’s SpotMe overdraft protection does not charge any fees.
• No credit check required for Credit Builder — When applying for Chime’s secured Credit Builder card, you won’t have to worry about a hard credit inquiry affecting your credit scores. 
• National ATM network — While Chime is an online company with no brick-and-mortar branches of its own, you’ll have access to about 60,000 ATMs around the country with no fees. You can locate fee-free ATMs in the Chime app.  
• Savings accounts are available — Chime also offers a savings account that pays 1.50% APY in interest and no fees.

Who is a Chime loan good for?

Chime can be a good option for someone who finds themselves just a little short of cash between paydays from time to time. The company gives you several options to meet your day-to-day expenses if your account runs dry, including the SpotMe overdraft and Instant Loan programs.

Chime can also be a good option for people who don’t currently have a bank account. The company offers a relatively low-risk banking option that helps you build credit. It can be a good starter bank account for people wary of fees.

How to apply with Chime

To start using Chime, you’ll need to sign up as a member and open a checking account. You can do this directly on the company’s website, using your birth date, address and Social Security number. There’s no fee to join Chime.

Then you’ll download the Chime app on your mobile device. At this point, you’ll fund your new checking account through an existing bank account or by setting up direct deposit from your employer. Once you’re set up, you’ll get a digital debit card you can start using right away, and Chime will send you a physical debit card in the mail.

Once you’re set up with a Chime checking account, you’ll have access to the company’s other benefits. You can enroll in SpotMe, apply for a Credit Builder card, or take out an Instant Loan all within the app.

To open a Chime account, you’ll need to be at least 18 years old and have the following:

• Social Security number
• Valid home address
• U.S. citizenship or residency in one of the 50 states or Washington D.C.

Eligibility requirements for Chime’s programs vary. For the Credit Builder card, you’ll need a direct deposit of at least $200 from an employer or benefits provider within the past year. To use SpotMe, you need a direct deposit of at least $200 each month. For an Instant Loan, you’ll need “consistent” direct deposits into a Chime account in good standing (Chime doesn’t specify upfront how many direct deposits you’ll need to have to be eligible).

Not sure if Chime is right for you? Consider these alternatives.

• Earnin: If you receive a steady paycheck, Earnin may be a good option for you. This app allows you to get up to $500 from your paycheck ahead of time, and works with your existing bank account.
• Dave: The Dave app also allows you to get up to $500 to get you through to your next payday, and you can spend the money instantly with a Dave debit card.

Pros

• Loans as small as $500 are available
• Can return loan money within 15 days with no charge
• Fast online application and loan decisions

Cons

• No upfront details on APRs or fees
• No option to prequalify
• Small maximum loan amount

What you need to know about a Pioneer Military Credit personal loan

Pioneer Military Credit, formerly known as Pioneer Military Loans and Pioneer Services, is an online lender that focuses on serving people in the U.S. armed forces. The company began offering personal loans in the mid-1980s, but closed briefly in 2019. It then reopened under new ownership.

Pioneer’s personal loans have fixed rates, and the company says they’re ideal for helping to pay bills, buy gear for a deployment, cover moving expenses or manage financial emergencies.

Relatively small-dollar, short-term loans

Pioneer Military Credit’s personal loans range from $500 to $10,000. Many personal loan lenders require you to borrow at least $2,000 to $3,000 or more, though they also often have higher maximum loan amounts up to $50,000 or even $100,000.

Personal loans from Pioneer Military Credit have terms of six months to 36 months. Many personal loan lenders offer terms that range from a year or two for the shortest terms and up to seven years for the longest.

15-day cancellation policy with no charge

If you’re not sure you’ll need the money, you may take advantage of Pioneer Military Credit’s 15-day cancellation policy. If you decide you don’t want to borrow money after all, you can return the full amount you took out without facing fees or charges.

Only open to active-duty U.S. military

To qualify for a personal loan from Pioneer Military Credit, you’ll need to be serving actively in the United States armed forces at any rank. All branches are included.

• U.S. Army
• U.S. Navy
• U.S. Marine Corps
• U.S. Air Force
• U.S. Coast Guard

Reservists and National Guard members can also apply for a loan if they’re called to full-time active service. Pioneer Military Credit says it plans to extend loans to retired military members in the future but does not do so currently.

A closer look at a Pioneer Military Credit personal loan

• Little information on loan terms — Pioneer’s website offers very little in the way of details on its personal loans. There’s no APR range specified, nor does it disclose the size or nature of its fees. There’s also no information on what credit scores are needed to qualify.
• Quick loan application — Pioneer says its online loan application takes only a few minutes to complete. You may also receive approval within minutes or at least the same day, depending on documentation requirements.
• Fast funding — Once you’re approved for a loan, you may receive your money as soon as the same day. Pioneer promises funding within 24 hours in most cases, not including weekends or holidays.
• No prepayment penalties — You can pay off your Pioneer loan at any time with no penalty. You can get a payoff amount in your online account.

Who is a Pioneer Military Credit loan good for?

Pioneer Military Credit personal loans might be a good option for active-duty service members who need a relatively small, short-term loan for an immediate financial need. You can borrow as little as $500, a low amount in the personal loan industry. You can also choose a loan term as short as six months.

But Pioneer does not disclose potential APR ranges or fees on its website, and there’s no option to prequalify. That means you won’t know (or have a chance to compare) the costs of the loan until you complete a loan application and submit to a hard credit inquiry.

If you do apply and receive an offer, you’ll want to read your offer carefully and check all the terms before making a decision.

How to apply with Pioneer Military Credit

Applying for a Pioneer Military Credit personal loan happens online through the company’s website. First, you’ll determine whether you’re eligible. You must be an active-duty military servicemember in any branch and rank to qualify for a loan.

Then you’ll fill out a relatively short application with your contact information, Social Security number, where you’re stationed and military status. Pioneer recommends having information about your pay grade, other sources of income and bank account details handy when applying for a loan to make the process faster.

Pioneer personal loans have fixed interest rates, meaning your monthly payment will stay the same for the length of your loan term. You can have the payment automatically taken out of your account, or you can have it deducted from your paycheck (military allotment). You can also choose to mail in your payments.

Not sure if Pioneer Military Credit is right for you? Consider these alternatives.

• SoFi: If you’re looking for a larger loan, you may be interested in SoFi. Sofi discloses an average APR upfront and offers personal loans up to $100,000.
• USAA: Servicemembers, veterans and their families can apply for personal loans from USAA, a financial services company dedicated to military members. USAA personal loans can range from $2,500 to $100,000 with loan terms of 12 to 84 months.

You’re probably used to taking money out of an ATM. But in some cases, you can deposit money into the machine, as well.

Sometimes it’s not convenient to deposit your cash inside a bank branch. Maybe you live too far away from one or you can’t find the time to go during regular bankers’ hours. If this is the case, you may be able to deposit cash at an ATM.

We’ll go over how to deposit cash at an ATM and things you should watch out for before doing so.

• Can you deposit cash at an ATM?
• How to deposit cash at an ATM
• How to deposit cash with an online bank

Can you deposit cash at an ATM?

Yes, it is possible to deposit cash at an ATM. However, not all ATMs are equipped to accept cash, and you generally can only deposit cash at an ATM owned by or in partnership with your bank or credit union. You may also face limits on how much you can deposit.

Does my bank allow cash deposits at an ATM?

Chances are, yes, your bank allows deposits at its ATMs. Many banks and credit unions offer ATMs equipped to handle cash deposits (you can often deposit checks as well). However, you’ll need to check with your individual financial institution to make sure.

And even if your bank accepts them, not every ATM is equipped to accept deposits. You may need to use your bank’s website to find the ones that are.

How much cash can you deposit at an ATM?

Your bank may put limits on how much cash you can deposit at an ATM at one time. In some cases, these limits are extremely high — such as $10,000 — and you’re not likely to run into issues with them. However, in other cases the limits may be lower. Check with your individual bank to find out.

Can you deposit cash at an ATM not owned by your bank?

Typically no, you can’t make deposits at ATMs that aren’t associated with your bank. This is different from ATM cash withdrawals, where you usually can take money out from an ATM even if you don’t have an account with its bank (usually for a fee).

Some credit unions use shared ATMs through the Co-op ATM network. You may be able to use these ATMs to make deposits but you’ll want to check with your credit union first to be sure.

How long does it take for my ATM deposit to be available?

This will vary from bank to bank. In some cases, your cash deposits are available to use instantly or by the end of the day. In others, it may take up to five days for your money to be available. Check with your bank to find out its policies.

How to deposit cash at an ATM

How you deposit cash at an ATM can vary from bank to bank, but most of the principles are the same.

1. Find an ATM. You can use your bank’s app or website to find an ATM that’s convenient for you. In many cases, the ATM finder tool will let you know which ones are able to accept cash deposits.
2. Access your account. Use your debit or ATM card and PIN to access your account at the ATM. On the menu screen, you’ll likely see an option to make a deposit.
3. Choose the account you’d like to deposit to. You may be able to deposit money into your checking or savings account.
4. Insert cash according to your bank’s policy. The ATM screen will guide you through the process of inserting the cash you are depositing. You may need to use an envelope and deposit slip, though many modern ATMs allow you to insert cash directly without either.
5. Verify the deposit amount. Before inserting your cash into the ATM, count it and make sure to remember the total. The ATM will count the bills you’ve inserted and present the total on the screen. Make sure that number matches up with the total you counted. If there’s a discrepancy, make sure to note it and follow up with your bank.
6. Get a receipt. The ATM will offer you a receipt with your transaction. Make sure to grab it in case anything goes wrong — like the amount that shows up in your account is different from what you deposited.

How to deposit cash with an online bank

Online-only banks typically don’t have branches or ATMs, but you still may be able to deposit cash to your account. These banks may have partnerships with ATM networks or retailers that will accept your cash and make sure it is deposited into your account.

Ask your bank whether it offers cash deposits through any ATM networks or use your bank’s mobile app or website to find locations where you can deposit bills.

If your online-only bank has a partnership with retail stores, such as CVS, Walgreens or Family Dollar, to collect cash deposits, it’s only slightly different. You’ll present your debit card to a cashier and tell them you’d like to deposit cash to your account. You’ll swipe your card and hand over the money, and your money will soon be credited to your account. You are likely to pay a small fee ($4.95 is common) for the service.

However, keep in mind that not all online banks allow cash deposits.

What’s next?

While it’s often possible to deposit cash at an ATM, if you’re not comfortable doing so, there are plenty of other ways to handle transactions. Here are a few.

• Deposit cash in person. You may have greater peace of mind handing your hard-earned dollars to a human teller rather than inserting them into a machine. If you can reach your bank during its hours of operation, you might have an easier time than simply walking in than using the ATM.
• Use mobile payment services. Instead of accepting cash from friends or family members, you might consider asking them to use a mobile payment app, like Venmo, Zelle or PayPal. Using these services, they can send money directly from their bank accounts to yours, without needing to exchange cash. This can be especially convenient for small purchases or splitting expenses.
• Ask for a cashier’s check or money order. For other purchases, such as selling an item through an online forum, you may ask your buyer to use a cashier’s check or money order instead of giving you cash. Both are essentially prepaid checks, where the company or financial institution that sells the check or money order guarantees the payment. And if your bank offers the service, you can make your deposit digitally via your bank’s app.

Big auto insurance companies like GEICO, State Farm and Progressive do business nationwide. But individual states have the power to regulate insurance companies — and shape what they can do within state lines.

Each U.S. state has a Department of Insurance tasked with licensing and overseeing insurance companies doing business in their state. While laws differ from state to state, in many cases, these departments also have significant power to dictate whether insurance companies can raise their rates. In these states, insurers must submit a request to raise rates and provide documents that show why they need to. The insurance department can approve or deny the request.

This regulated process is meant to help states balance two needs: to make sure insurance companies can charge high enough rates to remain solvent — but also to protect consumers from excessive price increases.

In California, the insurance department hasn’t approved a rate increase for personal car insurance in more than two years, since the start of the COVID-19 pandemic. But insurers say they must start charging higher rates to keep up with rising costs and sustain operations in the state.

Let’s take a closer look at the issue and how insurance companies are responding.

• Average cost of car insurance in California
• Comparing car insurance rates in California vs. other states
• Have California life and health insurance rates increased?
• Does filing a claim increase my car insurance in California?
• Does getting a ticket affect my car insurance rates in California?
• FAQs about auto insurance rates in California
• Methodology

Average cost of car insurance in California                                

In a recent Credit Karma study of Quadrant auto insurance rate data, we looked at adult drivers with a single car on their policy and zero tickets or claims between October 2019 and April 2022 (see full methodology). Among this group, the average car insurance premium in California is $265 (as of April 2022), down 11% since July 2020.

From July 2020 to October 2021, this same group of California drivers saw a drastic decrease (18%) in average auto insurance premiums, with rates dropping from $299 to $246. Rates have since increased to $265 as of April 2022.

Comparing car insurance rates in California vs. other states

When looking at premium costs for adult drivers with the same single-car, zero-incident profile across the U.S., we find that California’s average auto insurance premium is more expensive than those of Oregon ($162), Washington ($174) and Nevada ($213), but is cheaper than neighboring Arizona ($282), according to the Quadrant data.

California’s average rate of $265 ranks 42nd nationwide — comparable to South Carolina ($254), Georgia ($263), Kentucky ($281) and Arkansas ($294).

Why haven’t auto insurance rates increased in California since 2020?

In March 2020, California instituted a “stay at home” order to stem the spread of COVID-19, closing businesses and schools across the state. That meant a lot fewer cars were on California’s roads. In response, California Insurance Commissioner Ricardo Lara ordered insurance companies to refund drivers a portion of the premiums they paid for their car insurance.

The insurance commissioner initially stated that the action put about $2.4 billion back in California drivers’ pockets. But in March 2021, Lara announced that data collected by the department showed some insurers had only partially complied with the order — and that, on average, they had over-collected premiums and didn’t return enough to drivers.

Lara’s office has since taken a much harder look at proposed rate increases for personal auto insurance policies. No rate increase requests have been approved since the start of the pandemic. That helps explain why our Quadrant data shows insurance rates in California have yet to return to prepandemic heights, even as COVID restrictions have largely disappeared.

On a national scale, the insurance industry argues that rebates returned by companies during the pandemic were plenty — and that, because of a high number of fatalities on the road during the pandemic, claims costs during that time were significant.

Are auto insurers pulling back from California?

Dozens of insurance companies, including some of the largest, have filed requests to raise their auto insurance rates in California in 2022. These requests are all still pending, but none have been approved.

In response, GEICO has closed all its physical sales offices in the state, though California drivers can still obtain policies online. Progressive CEO Tricia Griffith told investors in August that her company “would love to write more business” in California if it’s “able to get adequate rates.” A Liberty Mutual executive also told investors his company has been “dialing back” marketing and growth in the state.

The president and CEO of Kemper, Joseph Lacker, also expressed reluctance to write new business in the state. During a recent earnings call, Lacker said that, according to his analysis, the premium refunds were more than adequate, and Kemper’s request for a rate increase is justified.

Such statements raise the question of whether California drivers will at some point have fewer options when shopping for a new auto insurance policy or renewing their current ones.

Have California life and health insurance rates increased?

While auto insurance rates have decreased in California since 2020, prices for life and health insurance have gone up. In fact, health insurance rates in California rose an average of 2.5% in 2022, according to the state Department of Managed Health Care.

Does filing a claim increase my car insurance in California?

Filing a claim can increase the price you pay for car insurance. When you file a claim, your insurance company will look into the circumstances and evaluate whether the damage caused to your vehicle was your fault. If it was, the insurance company may increase your premiums. This higher price can last for about three years.

Remember that even though your premiums may rise, reporting accidents to your insurance company can also help protect you. If you don’t report an accident and the other driver ends up suing you, you won’t have the benefit of your insurance to back you up.

Does getting a ticket affect my car insurance in California?

Your driving record, including moving violations and tickets, typically affects the price you pay for car insurance. Insurance companies set prices based on an evaluation of driver risk, and they look at tickets as an indication of unsafe driving. Serious violations may even result in you not being able to renew your insurance policy.

FAQs about auto insurance rates in California

Methodology

To identify auto insurance rate changes by state, we analyzed Quadrant Information Services data from October 2019, July 2020, February 2021, October 2021 and April 2022. Mention of the year 2020 references data from July 2020. Mention of the year 2021 references data from October 2021, and mention of the year 2022 references data from April 2022, unless noted otherwise.

Rates provided fit the following profile, unless noted otherwise: The driver is age 18 or older, drives a car with any value and drives any number of miles per year. The driver has been continuously insured for at least three years, has one vehicle on the policy, is the only driver, and has no claims or tickets. 

Quadrant Information Services doesn’t include all insurance companies in the rate data it provides. These are estimated rates meant only to provide a frame of reference and comparison. Your rate may vary depending on a range of factors, such as your age, vehicle driving habits and history. Note that the rates are provided every six months by Quadrant Information services. 

All average rate data is rounded to the nearest whole number.

Pros

• Ability to pause payments for up to 90 days
• Loan offers are available within minutes
• Customizable monthly payment

Cons

• High interest rates for people with fair credit
• Origination fee for some borrowers

What you need to know about a Reach Financial personal loan

Reach Financial is an online lender founded in 2015 and based in New York City. The lender says it focuses on helping people consolidate debt and improve their finances, noting that its customers have paid off a cumulative total of $1 billion in debt and boosted their credit scores by 50 points on average.

You may or may not need to pay an origination fee

An origination fee is an upfront charge you may pay when borrowing money, typically taken out of your loan before receiving it. The best personal loans don’t require you to pay any such fees. At Reach, you may or may not be charged a fee. The company says its fees range from 0% to 5% of the loan amount. You won’t know for sure until you apply for a loan.

You may be able to pause your payments for up to 90 days

If you run into financial difficulties after taking out your personal loan, Reach Financial may be able to work with you to avoid having your account go delinquent. The company says it will pause your loan payments for up to 90 days, though you’ll need to provide documentation of your financial hardship. You’ll also still be responsible for interest during periods when your payments are paused.

High interest rates for borrowers without excellent credit

The maximum interest rate you can be charged on a Reach personal loan is 35.99%, a high rate that could prove too expensive for many. Before accepting a personal loan with a high interest rate, make sure to calculate monthly payments against your income and budget accordingly. The higher your rate, the higher your monthly payment may be and the more interest you’ll pay over the life of your loan.

A closer look at a Reach Financial personal loans 

• Average window of loan amounts — Loan amounts range from $3,500 to $40,000, a similar maximum to some comparable lenders.
• Flexible loan terms within a relatively short range — Loan terms range from two to five years.
• Wide range of interest rates — APRs range from 5.99% to 35.99%.
• U.S.-based service — All of Reach’s customer support is based in the U.S.
• Little information about qualification online — You’ll find the Reach website relatively sparse. For example, Reach’s website doesn’t disclose a minimum credit score needed to qualify.

Who is a Reach Financial loan good for?

A Reach Financial loan may be a good choice for someone with good credit looking to consolidate debt less than the maximum loan amount of $40,000. The lender may also work well for people who want help and guidance as they work through the application process. Reach promises that all its support is based in the U.S. and can be reached by phone and email.

How to apply for a Reach Financial personal loan

Applying for a personal loan with Reach Financial starts with the company’s website. First, you’ll enter the loan amount you’re seeking and what you plan to use the money for — consolidating debt or refinancing credit cards. You’ll then be prompted to fill out a short form with details.

Once Reach has your information, you may receive a loan offer if you qualify. This typically includes the maximum amount you can borrow, and at what interest rate. You can then customize your loan with the specific term you’re looking for, giving you some control over your monthly payment.

Not sure if Reach Financial is right for you? Consider these alternatives.

• Happy Money: A Payoff loan from Happy Money could be a good way to pay off debt. You can choose to have the company pay your credit card companies directly or deposit funds into your bank account.
• Avant: You can use a loan from Avant for many different costs, such as medical bills, home projects or unexpected expenses.

Editors’ take: With terms up to 96 months, an auto loan from Truliant could be a good option for those who want or need extra time to pay off an auto loan. Those looking for the lowest auto loan rates possible may want to shop around before committing to Truliant. And anyone interested in using Truliant as their auto lender will need to become a member.

Truliant auto loans at a glance

Pros

• Rate discounts available
• You can skip one payment per year
• Car shopping service can help you find a new or used vehicle

Cons

• You’ll need to become a member of the credit union to get a loan
• Little qualifying information available online
• Truliant may not offer loans for used cars more than 10 years old

What you need to know about Truliant auto loans

You’ll need to become a member to get a loan

As a credit union, Truliant services are limited to its members. But you can apply for membership to the credit union at the same time you apply for a car loan. Truliant says there are several ways to become a Truliant member. One way you may qualify is by living, working or worshiping near one of its branches, most of which are in North Carolina (some others are in Georgia, South Carolina, Tennessee and Virginia).

Being related to a current member, working for one of its 1,000-plus partner companies or joining an affiliated organization may also qualify you for membership. You’ll need to open a savings account and maintain a $5 balance to keep your membership.

Rate discounts available

You may qualify for discounts to the rates published on the Truliant website. These may include a 0.25% rate discount for purchasing a car through the Truliant car buying service or a discount for making a substantial down payment. The maximum discount you can receive is 0.50%.

You can skip one payment per year

Truliant offers a “Skip-a-Pay” program on its auto loans, which allows you to skip one payment per calendar year. When you do this, your loan term is simply extended for an additional month. Your account must be in good standing to qualify for this program, and you’ll need to pay a $30 fee.

How much of a down payment will I need?

You may not need an auto down payment at all. Depending on the health of your credit for a car loan, Truliant offers up to 100% financing to cover your vehicle purchase, taxes, tag and title fees.

Do I need to have a car picked out to apply for a loan?

No, you do not need to have a car in mind when you apply for an auto loan with Truliant. Instead, you can get preapproved for a specified maximum loan amount and then go shopping. Truliant will give you an “Express Check” that you can write to the auto dealer for the purchase price of a vehicle.

Not sure if Truliant is right for you? Consider these alternatives.

• Navy Federal Credit Union auto loan: Navy Federal is another national credit union that offers low rates and 100% vehicle financing. Instant credit decisions and no application fees are other pluses.
• LightStream auto loan: If you’re buying a car from a private party rather than a dealership, you might want to look at LightStream’s loans. This lender will deposit money directly into your bank account that you can use to buy a car anywhere.