Owning mortgage loan at a glance

• Conventional loans: Yes
• FHA loans: Yes
• VA loans: Yes
• Refinancing: Yes
• Jumbo loans: Yes
• Adjustable rates: Yes
• Fixed rates: Yes (15 years and 30 years)

Owning is a division of Guaranteed Rate, which has headquarters in Chicago. Owning is licensed to do business in 44 states and the District of Columbia.

Pros

• Very competitive rates
• Good variety of home loans

Cons

• Limited website info
• Not available in all states

3 things to know about an Owning mortgage loan

1. Very competitive rates

If you have strong credit and can make a down payment of at least 20%, you may be able to qualify for Owning’s lowest rates. This can save you money over the life of your loan and make your payments more affordable.

You can apply for mortgage preapproval online.

2. Good variety of home loans

Owning offers several mortgage options, including conventional loans, jumbo loans and government-backed FHA, VA and USDA loans. The lender can also refinance your existing mortgage.

That variety is helpful if you’re not sure which type of mortgage would be best for you or if you’re a first-time homebuyer who doesn’t have a large down payment.

3. Little information on website

Owning’s website includes current rates, which is a plus. But it doesn’t offer educational information or much detail about its different mortgage loan offerings. You’ll have to call or email the company for many common questions.

Who is an Owning mortgage good for?

If you’re comfortable with an online mortgage process, Owning can be a solid pick. This is particularly true if you have strong credit and can make a large down payment that qualifies you for the lender’s lowest rates.

But you might want to look elsewhere if you’d rather apply for a mortgage in person or if your credit isn’t strong enough to get Owning’s lowest interest rates.

How to apply for an Owning mortgage

To start the Owning mortgage process, you can apply for preapproval, which will result in a hard inquiry on your credit. In addition to personal details, you’ll need to provide information related to the property as well as your income, assets and credit. You may also have to upload documents like pay stubs, W2s and tax returns, depending on your situation.

After you submit your preapproval form, you’ll receive an email and text message to let you know that it’s been received and assigned to a loan officer.

If you’re preapproved for a loan, you’ll get a preapproval letter, which is essentially a tentative offer to lend you a certain amount at a certain rate.

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

If you want to compare rates among several lenders, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

• Movement Mortgage: Movement Mortgage also provides a variety of loan programs.
• Bank of America: A Bank of America home loan might make sense if you already have a relationship with this large bank and can qualify for one of its discounts.

A cash-out refinance turns some of your home equity into cash. But since it’s considered a loan instead of income, a cash-out refinance typically isn’t taxable.

You might even qualify for a tax deduction if you take out a cash-out refinance. Here’s a closer look at the tax implications of a cash-out refi and how you might be able to use it to save on your tax bill.

• What are the tax implications of a cash-out refinance?
• Can you write off a cash-out refinance?
• What’s next: Alternatives to consider

What are the tax implications of a cash-out refinance?

When you take out a cash-out refinance, you replace your current mortgage with a new, larger loan and pocket the difference as cash. The cash you receive is a type of debt you’ll need to repay over time.

For that reason, the IRS doesn’t usually count it as income. Since a cash-out refinance is considered another loan, you don’t have to include the cash in your income calculation when you file your taxes.

Even though you probably won’t be on the hook for taxes on a cash-out refinance, there are tax implications you should know about.

In the past, one of the benefits of home loans like a cash-out refi was that you could deduct taxes on the interest you paid, no matter how you used the funds. This meant the IRS would give you back some of the money you paid on your tax return.

The Tax Cuts and Jobs Act of 2017 changed the rules regarding interest deductions on home loans. Now you’ll only qualify for a tax deduction on a cash-out refinance if you meet certain criteria, which we’ll go over below. You won’t get to deduct your interest automatically.

Can you write off a cash-out refinance?

If you use the cash for debt consolidation, for example, the IRS won’t let you deduct interest on your cash-out refinance. But you might qualify for a deduction if you put your proceeds toward the following:

Making capital home improvements

One way to lower your tax bill through a cash-out refinance is to use the cash for capital home improvements that increase your home’s value, improve its longevity or change it so that it adapts to new needs.

These may include permanent updates such as …

• Adding a bath or bedroom
• Installing energy-efficient doors or windows
• Updating the roof
• Upgrading the HVAC system

Setting up a home office

If you’re self-employed or a small business owner and add a home office, you might be able to deduct the interest you pay toward your cash-out refinance. To do so, you must use your home office for business purposes only and show that it’s the main place where you conduct your business.

To calculate your deduction, you’ll need to choose from one of these two methods.

• Simplified method — Figure out the square footage of your home office and deduct $5 for each square foot. With this method, you can deduct up to 300 square feet or $1,500.
• Standard method — If your home office is more than 300 square feet, the standard method is for you. It gives you a deduction based on the size of your office in relation to certain costs of your home.

Buying mortgage points

Another way to lower your interest payments on a cash-out refinance is to buy mortgage points. Points can reduce your mortgage rate. Keep in mind that if you go this route, you won’t be able to claim all your points the year you refinance. You’ll need to spread out your deduction over several years.

Let’s say you take out a cash-out refinance for 15 years and buy $2,000 in mortgage points. In this case, you could deduct $133 from your taxes each year you have the loan.

What’s next: Alternatives to consider

If you decide a cash-out refinance doesn’t makes sense for your situation, there are some alternatives to explore.

• HELOC: A HELOC, or home equity line of credit, lets you borrow money against your home equity and pay it back much like you would a credit card.
• Home equity loan: Home equity loans are similar to HELOCs but typically have fixed interest rates and lump sum loan amounts.
• Personal loan: A personal loan may be an option to explore if you don’t have much equity in your home or don’t want to use it as collateral to borrow money.

If you’re thinking about buying a manufactured home, the loan process will likely look different than if you were buying a traditional single-family home, townhome or condo.

A manufactured home — sometimes referred to as a mobile home — is a single-family home that’s been built in a factory and follows certain standards of the U.S. Department of Housing and Urban Development. 

Since the structure isn’t always “attached” to the land they’re on, mobile or manufactured homes aren’t considered eligible by many lenders for most types of mortgages. 

We’ll take a closer look at why financing these types of properties can be a challenge and what types of financing options may be available to you. 

• Is it harder to finance a mobile home?
• How to get a loan for a manufactured home
• What credit score do I need for a manufactured home?

Is it harder to finance a mobile home?

If your home isn’t permanently attached to the land it’s located on, lenders will consider it “personal property” instead of “real estate.” When this is the case, you won’t be able to get a conventional loan. 

Instead, you may be offered a higher-interest “chattel loan.” 

If you’re looking for a lower-cost option, the Federal Housing Administration, or FHA, approves lenders through its Title 1 program to finance manufactured homes and lots.

The FHA does require interest rates for these loans to be fixed and says the loan term is typically 20 years. Here are some other details to keep in mind:

• Title 1 loans can be used to purchase a manufactured home, a lot for the home or both, but it must be your principal residence.
• Borrowers can lease the land for their manufactured home, but the lease term must be at least three years, and the contract must specify a termination notice of at least 180 days.
• The maximum loan amount through this program is $69,678 for a manufactured home and $23,226 for the home lot.

How to get a loan for a manufactured home

There are several government-backed loan options for manufactured homes, each with its own criteria. Some may require that your home is attached with a foundation. Others require that the homes contain a certain amount of square feet. 

You should shop around and explore your options to find the right loan for your particular situation. You might also want to prequalify for a loan to get an idea of what you may be able to afford.

FHA Title II loans for manufactured homes

In addition to the FHA Title I program, the FHA offers a Title II program for manufactured homes.

If you qualify for the FHA Title II program, you may get better rates and terms. But your home will need to be attached to the land that you own. To qualify for these FHA programs, your mobile home must be used as your primary residence and have been built after June 15, 1976.

VA loans for manufactured homes

A loan from the U.S. Department of Veterans Affairs might be an option if you serve in the military, are a veteran or meet other eligibility requirements. 

A VA loan for a manufactured home must be attached to a permanent foundation with at least 400 square feet of interior space if it’s single-wide and 700 square feet if it’s double wide. 

Plus, it needs to be considered as real estate per the laws in your state and meet all local zoning requirements.

Benefits to financing a manufactured home with a VA loan include no requirements for a down payment if your home’s sales price isn’t more than its appraised value. Plus, you won’t have to buy private mortgage insurance, or PMI. But keep in mind that you’ll have to pay a VA funding fee and closing costs. 

USDA loans for manufactured homes

If you’d like to install a manufactured home on a plot of land in a rural area, a loan backed by the U.S. Department of Agriculture is worth considering, as long as it was built on or after Jan. 1, 2006. While a down payment isn’t required, you will need to meet USDA income limits for your area. 

The USDA will also request that your manufactured home be at least 400 square feet, placed on a permanent foundation and meet all state and local regulations. Also, it must be in its original condition since it was made in the factory.

What credit score do I need for a manufactured home?

The credit score you need to finance a manufactured home will depend on the lender and government program you choose. 

• The FHA Title I loan program requires that if you don’t have credit scores of at least 500, you’ll need to make a 10% down payment to qualify. If your score is above 500, you’re only required to put down 5%. 
• VA loans have no minimum credit score requirement to finance your manufactured home. 
• USDA loans don’t have a required minimum score, but many lenders who offer USDA loans look for a minimum score of 640.

What’s next?

Even though financing a manufactured home can be more difficult, it’s definitely possible. Use these questions to guide your loan choice.

• When was my manufactured home built?
• Where will I place it?
• Will it be attached to the land I own?
• How many square feet will it be?

Pros

• No credit check required
• Interest-free cash advances
• Built-in money-management tools

Cons

• Low cash-advance maximum
• Cash advances require membership
• Transfers can take a few days
• Lack of transparency about term

What you need to know about a Cleo cash advance

Cleo is a U.K.-founded finance app that’s available on Apple and Android devices and offers cash advances to eligible paying members without interest, additional fees or a credit check. While this app does seem to offer some useful budgeting and money-management tools, it’s challenging to find clear, detailed information on the Cleo site about fees, benefits and how the app works.

The Cleo site is colorful and trendy but the FAQ section and terms are lacking — especially when compared to traditional banks and more established online lenders.

If you’re considering using the Cleo app, here are a few important things to keep in mind.

Membership required for cash advances

If you want to use Cleo for cash advances, you won’t be able to do so unless Cleo determines that you’re eligible and you’ve already paid for one of its subscription plans — Cleo Plus or Cleo Builder.

The least expensive of the two, Cleo Plus runs $5.99 a month, or about $72 annually. This is pretty steep — especially considering Cleo’s low cash advance cap. Before signing up, it’s a good idea to keep these costs in mind, especially if you’re already having trouble making ends meet between paychecks or aren’t sure if you’ll need to borrow cash.

Small cash advance amounts

While Cleo’s cash advances can help you out in a pinch until your next paycheck, you won’t be able to borrow more than $100 at a time. And if it’s your first time using the Cleo app, you’ll only be eligible for $20–$70. Once you repay the cash advance, you may be able to borrow up $100 — a low cap compared to other cash advance apps.

May take a few days to receive funds

If you don’t want to pay an extra fee, you may have to wait up to four days to receive your Cleo cash advance. If you need the funds right away, you can opt to expedite payment, but you’ll have to shell out another $3.99 — on top of your monthly membership fee — to get paid the same day. Even if you pay to expedite, there’s no guarantee you can use the funds same day, because it’s ultimately up to your bank as to when you can access the funds.

Built-in money-management tools

The Cleo app can help you set up a budget and save, even if you’re not a paid member. While you can’t pay your bills with Cleo unless you pay for its credit builder feature, once you share your income and bills with the app by linking a bank account, you’ll get updates and reminders so that you can stay on track with either your monthly budget or paycheck budget.

The app can also help you put money aside. Using your budget as a guide, it determines a specific amount to autosave into a feature called “Cleo Wallet.” You can turn this feature off any time, but the cash you stash isn’t insured — by either the FDIC or the U.K. equivalent, the Financial Compensation Services Scheme.

The lack of FDIC coverage is significant, and if your goal is really savings, there are much better options out there that can earn you interest on what you put aside — which the Cleo savings feature does not.

A closer look at a Cleo loan

If you’re thinking about signing up for Cleo, here are a few more things you’ll want to consider.

• Credit-building features — For $14.99 a month, you can sign up for Cleo Builder, which gives you access to cash advances and the ability to apply for the Cleo Credit Builder Card — a secured credit card that can help you build credit and doesn’t require a credit check. This subscription also includes some features that are not included with Cleo Plus, like the ability to track your Equifax credit score.
• Student discount — If you’re a student, you can access the Cleo Builder membership for just $9.99 a month, a savings of about 33%.
• No guarantee you’ll get approved — The first time you apply for a Cleo cash advance, you may not get approved and could need to wait a few days and apply again.  
• Proof of employment isn’t required — You don’t need to show your paystubs or W-2 tax forms to get a cash advance.

Who is a Cleo loan good for?

If you’re in need of a small amount of cash to help cover expenses until your next paycheck, and need to do so without a credit or employment check, a Cleo cash advance may be worth exploring. This could be particularly true if you’re a freelancer or gig worker since you don’t have to verify your employment, which some cash advance apps require. Plus, using an app like Cleo may help you avoid an expensive payday loan.

If you’d prefer not to pay any fees, you may want to compare some other cash advance apps. And if you only want budgeting tools, you may want to try using our free budget calculator.

If you need more cash than Cleo or other cash advance apps offer, you may be better off exploring financing options such as personal loans, no credit check loans or a payday alternative loan from a federal credit union. And depending on your needs, interest-free credit cards may also be a good option.

How to apply with Cleo

To apply for a Cleo cash advance, you’ll need to download the app on your Apple or Android device and sign up for a paid Cleo membership. Then, go to the chat section and type “salary advance” or “spot me.” After you hit the “spot me” button, Cleo will let you know if you’ve been approved.

If you’re approved, you’ll receive an offer from Cleo for a cash advance between $20 and $100, and you’ll choose a repayment term between 3 and 28 days.

Cleo doesn’t run a credit check, so there’s no credit criteria to meet. Plus you don’t have to submit any paystubs or W-2s because it won’t confirm your employment.

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

• Earnin: If you need to borrow a larger amount of money, Earnin may be a better fit. This app offers cash advances up to $500, but you’ll need to give Earnin access to your work timesheets.
• Dave: With a monthly $1 membership, Dave offers early payday and cash advances of up to $500. And you can get the money instantly on a Dave debit card.

First Republic mortgage loans at a glance

• Conventional loans: Yes
• FHA loans: No
• VA loans: No
• Refinancing: Yes
• Jumbo loan: Yes
• Adjustable rates: Yes
• Fixed rates: Yes

First Republic Bank is a lender and wealth management company with offices in seven states. The location of those offices is important because if you don’t live in an area with physical access to a local branch, you can’t get a First Republic mortgage.

When you contact First Republic, you’ll be matched with a “relationship manager” in one of the areas where the lender does business, and your home loan journey will start there. 

Pros

• Perks for borrowers buying homes in designated areas
• Home equity lines of credit available
• Helpful website resources
• Offers large loan amounts

Cons

• Must have physical access to a First Republic Branch
• No government-backed mortgages offered
• Must speak to a loan officer before applying

5 things to know about a First Republic mortgage

1. Must have physical access to a First Republic Branch

You don’t have to buy in a specific ZIP code, but in order to take out a First Republic mortgage loan you have to visit a branch in person and have physical access to the branch. This lender has branches in only a handful of states.

2. Perks for borrowers in designated areas

If you decide to buy or refinance a home in one of First Republic’s designated communities, you may benefit from the Eagle Community home loan program. The company says it offers competitive interest rates and waives some closing costs (up to $4,000).

You’ll also have a dedicated relationship manager who will guide you through the mortgage process. You’ll need to reach out to First Republic directly to find out whether the property you’re interested in is eligible.

3. No government-backed mortgages

First Republic doesn’t list government-backed mortgages like FHA loans, VA loans and USDA loans on its site. In addition to conventional home loans and refinances, First Republic offers:

• Adjustable-rate mortgages
• Hybrid adjustable-rate mortgages
• Construction loans
• Second home and vacation home loans
• Home equity lines of credit (HELOCs)

With the hybrid adjustable-rate mortgage, you’ll secure a fixed rate for an introductory period. Eventually, that rate will turn into a variable rate, which can fluctuate based on the market.

This option might make sense if you think your income will increase and you’ll be able to make higher payments in the future. It can also be worthwhile if you only plan on staying in your home for a short period of time.

If you want to build a house from the ground up, a construction-to-permanent loan can help you finance the entire project. You can take one out to cover the cost of land, the construction itself and the mortgage. Another feature of First Republic’s construction loan is the ability to lock in the interest rate before construction begins, protecting yourself from rate increases that may occur in the future.

4. Useful resources on its website

While you can’t view mortgage rates on First Republic’s website, there are a number of homeownership tools you may find valuable. Its mortgage calculator can help you figure out what type of home you may be able to comfortably afford. All you have to do is plug in your income, monthly expenses and down payment amount.

There’s also a robust mortgage guide that can answer questions like how mortgages work, what the steps are in the application process and what to look for when you shop around for a loan.

But if you want to compare potential mortgage rates before officially applying, First Republic probably isn’t for you.

You can get an estimate of your potential monthly payment with Credit Karma’s mortgage calculator.

5. Offers larger loan amounts

First Republic Bank caters to higher-income homebuyers in states like California, New York and Massachusetts. It states that its median mortgage loan is $880,000 for a single-family property.

Who is a First Republic Bank mortgage loan good for?

If you’re a higher-income homebuyer who would like to buy or refinance an expensive property, a First Republic mortgage may be a good option. You may be able to choose from a fixed-rate, adjustable-rate or hybrid adjustable-rate mortgage.

But if you’re a first-time homebuyer looking for a government-backed mortgage with more lenient credit and down payment requirements, it’s probably not for you unless you qualify for the Eagle Community home loan program. You may be better off exploring a lender that offers FHA loans, VA loans or USDA loans.

How to apply for a First Republic Bank mortgage

You can fill out an online contact form, call or visit a location to start the mortgage process with First Republic Bank. Once you do, a loan officer will get in touch with you. They will answer questions you may have and guide you through the application process.

Remember that physical access to a First Republic branch is required to begin your mortgage loan.

While First Republic doesn’t note any minimum eligibility requirements on its website, the lender indicates in a 2022 document filed with the FDIC (Federal Deposit Insurance Corporation) that its clients have a median credit score in the high 700s.

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

If you want to compare rates with several lenders or your application is denied, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

• Better Mortgage: Better Mortgage may make more sense if you prefer a fully digital process.
• Fairway Independent Mortgage: This company is worth considering if you want to explore more loan options, including renovation loans.

Pros

• Potential for member discounts
• Manage multiple cards in one app
• Debt payoff features are for all users, even those who don’t get a line of credit

Cons

• High maximum interest rates
• Annual fee
• With a Tally line of credit freeing up your credit cards, you might be tempted to use them more

What you need to know about the Tally app

Tally is a debt payment app that can help you keep track of your APRs, balances and due dates, and automate your payments. For people who qualify, Tally also offers a line of credit for paying down high-interest credit card debt.

The APRs for Tally’s credit line range from competitive to high, though — and you might have to pay an annual fee. So its value for helping you paying off debt will depend a lot on the interest rate and other terms Tally offers you.

Three membership levels

• Tally: The free level of Tally lets you download the app and use its debt payoff and debt planning features. The app can set up auto-pay for your credit cards and send payment reminders.
• Tally Basic: Tally Basic membership requires you to qualify for a Tally line of credit to pay down your credit cards. You may pay an annual fee depending on the amount of the credit line, though Tally doesn’t specify the cost. Using the Tally Pays feature may help you avoid missed payments and extra interest charges.  
• Tally+: Tally+ offers a larger line of credit and discounts for monthly on-time payments, which Tally claims may reduce your interest payments by an average of 4%. But there’s an annual fee totaling $300, which is broken down to $25 a month, deducted from your credit line.

Access to other debt payoff features even if you don’t get a Tally line of credit

If you don’t want or aren’t eligible for a line of credit, you can still use the Tally app, which lets you choose a debt payoff strategy for your situation and then automates the payments for you.

• Snowball: A debt reduction tactic that focuses on paying off your smallest debt first.
• Avalanche: Reducing debt by focusing on your highest-interest account first.
• Credit score factors: This approach works by targeting your accounts with the largest balances first.

Potential for member discounts

If you have a Tally+ membership and make at least the minimum payment each month, you may receive a credit on your account as a reward for paying on time.

Won’t stop you from taking on more credit card debt

While Tally can help you manage your credit cards, the app cannot stop you from continuing to use them. If you spend more on your credit cards after you pay them down with your line of credit, you’ll just be accumulating more debt.  

A closer look at the Tally app

If you’re considering the Tally app, here are a few more details to think about.

• Tally may help you avoid overdraft and late fees: If you add a feature called “Safe Min Pay” to a credit card, Tally will pay the minimum for you automatically, unless Tally believes that you don’t have enough money in your account. This can help you save money on overdraft and late fees.
• Weekly payment options: Tally Tuesday payments can help you pay on your credit cards every week, which may help you get out of debt faster. You can choose the amount you’d like to pay on a weekly basis and link the payment to your bank account. Tally will apply the payment to the cards you specify in your repayment strategy.
• Late fee protection program: Tally automatically enrolls all the credit cards you register with the app in a late fee protection program (this is a different program than Tally Min Pay). The app “scans” the cards a few days before your payments are due. If it doesn’t find a payment scheduled on a credit card, Tally uses your credit line to make the payment for you so that you don’t face a late fee. Bt you can opt out of this protection at any time. Just remember that you’re being charged interest on your credit line, so this protection can come with a cost.
• Option to use credit line multiple times: As you use the app you may be able to earn more Tally credit to use toward paying off more credit card debt. You can use the Tally credit line as many times as you want. Again, remember that there’s a cost for this, and it could be high, depending on your credit line’s APR.
• Limited availability: The Tally app isn’t available in every state. If you live in Montana, Nevada, Vermont or West Virginia, Tally is not available to you.

Who is the Tally app good for?

If you’re overwhelmed with credit card debt and want to simplify the way you pay it off, the Tally app may be worth a look. Although Tally does not describe itself as a debt consolidation company, you can use it to combine your credit card debt payments and manage them in a more centralized way. You can see if you’re eligible for the credit line with a soft credit inquiry, which won’t affect your credit.

But be cautious: If Tally does approve a credit line for you, you’ll want to look carefully at the terms. If you get the maximum APR and have to pay a $300 annual fee, you might find yourself losing ground instead of making much headway with your debt.

If you don’t qualify for Tally’s credit line — or if you don’t want it because your terms include high interest rate and fees — you might consider using Tally’s only for its debt payoff features that help you design a repayment plan and automate payments for you.

You also might want to explore these other debt consolidation options.

Personal loans for debt consolidation

A personal loan for debt consolidation can help you manage multiple debts by consolidating them into one loan at an interest rate that’s lower than the rates you’re currently paying. Make sure to compare the APRs on your credit cards versus the rate and other costs of any personal loan you’re offered — and calculate whether you’ll achieve any savings.

Be sure to consider the length of your loan term. Increasing the time you have to pay off your debt can means you’ll pay more for it over time, despite a lower interest rate.

Balance transfer cards

A balance transfer card is another potential way to manage credit card debt. With a balance transfer credit card, you can transfer multiple credit card balances onto it, so you’ll have a single account and payment for all your debt.

Many balance transfer cards offer introductory interest rates — often 0% — for a limited period of time, giving you a chance to catch up on debt from multiple cards more quickly. Just note that while you’ll get a break on interest, there’s typically a fee to pay when you transfer a balance.

How to apply for the Tally credit line

To apply for the Tally credit line, download the app on your mobile device and add your credit cards. Once you do, Tally will perform a soft credit check to see if you qualify. You’ll typically need a FICO score of at least 680.

If you’re approved and you accept your offer, you’ll have access to a Tally credit line. If you’re charged an annual fee, it will be deducted from your credit line.

Again, you can still use some of the Tally app’s features even if you don’t get approved, or if you decline the credit line.

Not sure if Tally is right for you? Consider this alternative.

• Payoff by Happy Money: Happy Money works with a network of lenders to offer Payoff debt consolidation loans that are geared toward paying off high-interest credit cards.

Lendly is an online lender that offers small loans between $1,000 and $2,000. You don’t need the best credit to be approved. Instead, your employment and income may qualify you.

In most cases, people who borrow from Lendly set up automatic loan repayments directly from their paychecks or from their bank accounts via ACH withdrawal. This can help your avoid missed payments and build credit.

Lendly might be an option if you need some quick cash to cover a financial emergency, but Lendly’s APRs are high — soaring well into triple digits. You can read our full review of Lendly’s loans if you want to learn more.

But if Lendly’s rates and terms don’t work for you, read on for some alternatives — some with comparable APRs and others with more-affordable rates.

• Good for building credit: Possible Finance
• Good for fast funding: OppLoans
• Good for competitive rates: LightStream
• Good for larger loans: Prosper
• What to watch out for with loans like Lendly

Good for building credit: Possible Finance

Why Possible Finance stands out: Possible Finance reports payments to Experian and TransUnion, two of the three major credit bureaus. So if you take out a Possible loan and make your payments on time, you may be able to build or improve your credit history.

• Small loan amounts — If you need cash to pay for a small emergency like a car repair or minor medical bill, you might consider applying for a small loan from Possible Finance. Its loans typically go up to $500, but may be lower in some states.
• Lenient credit requirements — The Possible main page invites you to apply for a loan with no minimum FICO score.
• High interest rates — Even though Possible Finance markets itself as an alternative to payday loans, you can still expect rates in the triple digits. A high rate could cost you a lot of money over the life of your loan.
• Limited availability — Possible Finance doesn’t offer loans in all states.

Read our Possible Finance review to learn more.

Good for fast funding: OppLoans

Why OppLoans stands out: You won’t have to wait long to receive funds from OppLoans, which offers loans between $500 and $4,000. If you’re approved for a loan before 12:00 PM Central time Monday through Thursday, you’ll likely get the money via ACH the same business day, depending on how fast your bank acts to process the deposit.

• Direct deposit requirements — To take out an OppLoans loan, your employer must pay you via direct deposit. If you get paid in cash or through traditional checks, OppLoans isn’t an option.
• No impact on credit scores — Applying won’t affect your credit, as OppLoans looks at alternative credit reports from Clarity Services, a part of Experian. The lender doesn’t consider your consumer credit reports from the three major credit bureaus, though it will report your payment history to them over the life of your loan.
• High interest rates — APRs reach into triple digits. If you’re trying to strengthen your financial situation, an OppLoans loan might be better than a payday loan, but could still be harmful if you don’t have a plan for paying it off.
• Online-only applications — OppLoans requires that you apply online. If you don’t feel comfortable sharing your personal information online, you’re out of luck because there are no in-person or phone applications.

Read our OppLoans review to learn more.

Good for competitive rates: LightStream

Why LightStream stands out: LightStream has a competitive rates program that can help you save on interest charges. If you meet program conditions and have been approved for a lower rate from a different lender, you may be offered a rate from LightStream that’s 0.10 percentage points lower than the competing lender. You may also qualify for an autopay discount of 0.5 percentage points.

• Flexible loan options — Depending on the purpose of your loan, you can borrow anywhere from $5,000 to $100,000. You can use a LightStream loan to cover a medical bill, home improvement project, some education costs or other expenses.
• Competitive maximum APR — The fine print on the LightsStream main page includes the maximum APR for a LightStream loan set in the lower double digits. That’s quite competitive compared to Lendly APRs and other options in our list. Note that LightStream specifies that its “lowest rates require excellent credit.”
• No prequalification — You can’t check your loan offers with a soft credit inquiry before you apply because LightStream doesn’t offer prequalification. If you fill out an application, the lender will perform a hard credit inquiry, which may briefly lower your credit scores a bit.
• No fees — LightStream doesn’t charge origination fees or late payment fees. The lender also allows you to pay off your loan early with no prepayment penalty.

Read our LightStream app review to learn more.

Good for larger loans: Prosper

Why Prosper stands out: Prosper offers peer-to-peer loans ranging from $2,000 to $50,000. If your financial emergency costs more than a couple thousand dollars, a Prosper loan might be worth considering.

• No minimum income requirement — You may be eligible for a Prosper loan regardless of your income. But there could possibly be other eligibility criteria you’ll have to meet.
• Fees — Prosper loans come with a variety of fees that may increase the cost of your loan. These fees include origination fees, late payment fees and failed payment fees with its APRs ranging from 6.99% to 35.99%.
• Interest rates are more competitive — APRs range from the upper-single digits to double digits.
• Limited repayment terms — When it comes to repayment terms, your options are limited. You’ll choose from either a three-year or a five-year term. You’ll have to look elsewhere if you’d like more flexibility.

Read our Prosper review to learn more.

What to watch out for with loans like Lendly

Loans like Lendly may make sense if you need some extra cash and want to avoid a payday loan. But be aware that some of these lenders charge high interest rates and fees that you’ll want to factor into your total costs.

Also, some loans may only be available to you if you live in a certain state, get paid through direct deposit, or meet minimum credit score and maximum debt requirements. If you don’t qualify, you can explore other alternatives to loans like Lendly, such as a credit card, an alternative loan from a federal credit union or other installment loan options.

How we picked these loans

We reviewed 10 loans like Lendly and considered features such as eligibility requirements, fee structures, interest rates, loan amounts and the ability to build credit. We also looked at additional perks and benefits.

If you’re struggling to make your mortgage payments, a home loan modification may be a good option.

It can help you avoid foreclosure and make your monthly payment more affordable. Unlike a refinance, a home loan modification doesn’t pay off your current mortgage and replace it with a new one. Instead, it changes the terms of the loan.

With a home loan modification, you may be able to arrange more time to repay your mortgage, a lower interest rate or a reduced principal balance.

If a home loan modification is on your radar, here’s what you need to know.

• Who is eligible for a loan modification?
• What are the benefits of a loan modification?
• How to get a loan modification
• How late is too late to get a loan modification?
• What’s next?

Who is eligible for a loan modification?

Struggling to make a mortgage payment doesn’t automatically qualify you for a home loan modification. In general, you must be delinquent or on the verge of default because of a specific hardship.

Depending on the program, qualifying hardships may include events like a lost job, a divorce or another change in marital status, a disability or an illness, among other things.

Let’s look at some loan modification programs and what they require.

Flex Modification program

If you took out a conventional loan, and you meet the requirements of the Flex Modification program, you may apply for up to an estimated 20% reduction on your mortgage payments.

Some of the qualifying conditions for the Flex program include that …

• You’re in danger of falling behind on your payments in the next 90 days or are already 60 or more days past due on them
• Your mortgage is owned in whole or in part by Fannie Mae or Freddie Mac and is 12 months or older at the time of evaluation
• You haven’t changed your mortgage more than three times
• You haven’t failed a “Flex Modification Trial Period Plan” over the preceding 12 months
• You’ll provide a “borrower response package” documenting things like your income and the type of hardship you’re experiencing

FHA loan modification program

The FHA loan modification program (FHA-HAMP) is worth considering if you have an FHA mortgage. It may allow you to extend your loan term, reduce your interest rate, add late payments to your principal balance or lower your unpaid, outstanding balance by up to 30%.

You can take advantage of it if:

• You’re ineligible for other mortgage assistance programs
• You complete a three-month trial

VA loan modification programs

If you have a VA loan, the VA loan modification programs can add your past-due payments to your principal balance and create a new repayment schedule. It may also extend your loan term so you can have a lower monthly payment. The VA loan modification programs come with these requirements.

• You’ve made at least 12 monthly payments.
• Your financials prove that you can repay the mortgage and avoid default.
• You haven’t had any loan modifications over the past three years.
• You haven’t had more than three modifications since you closed on your mortgage.
• You’ve completed a three- or four-month trial period.

USDA loan modification program

If you’re a USDA loan borrower, you may be able to extend your term by up to 480 months or 40 years. This can result in lower payments and make it easier for you to afford your mortgage thanks to the additional time given.

But there’s little information offered about this program on the USDA’s site, so you’ll need to contact your loan servicer to learn more about your modification options with a USDA loan.

What are the benefits of a loan modification?

Put simply, a loan modification can help you catch up financially and remain in your home if you’re at risk of foreclosure. The modification may lower your payments to something you can afford, and could help you start rebuilding your credit.

How to get a loan modification

Loan modifications aren’t automatic. If you find it difficult to make your payments and you’re worried about foreclosure, you’ll need to initiate a conversation with your lender or loan servicer to get the ball rolling.

Making sure you meet the criteria of any loan modification program will be part of the process. Your lender or loan servicer should be able to guide you — but if you have trouble communicating with your lender, there are FHA, VA and HUD resources that can help.

How late is too late to get a loan modification?

Loan modification programs all have their restrictions. For example, if you’ve already made changes to your mortgage more than three times, you can’t pursue the Flex Modification program.

And with the VA loan modification program, you’ll have a chance only if you haven’t altered your loan over the past three years.

Double check the requirements of the program you’re considering to make sure it’s not too late.

What’s next?

You can get help deciding whether to pursue mortgage modification by talking to a HUD-approved housing counselor. You can call the Department of Housing and Urban Development at their central number to request a referral to a housing counselor near you.

If you decide modification make sense for your situation, reach out to your lender to learn more about the process. Act quickly to avoid the risk of foreclosure.

Pros

• Online application and approval
• Installment payment plan options

Cons

• Not transparent about rates, fees or loan periods
• Not currently regulated by state laws
• Not available in all states. Also not available to active members of the U.S. military.

What you need to know about a Minto Money personal loan

Minto Money is a tribal lending company offering installment loans up to $3,000. These are short-term loans designed to help people who need cash fast but who want at least some time to pay off what they borrow. Minto was originally created to support the Native Village of Minto, which is a recognized Native American Indian tribe in Alaska.

Not transparent about rates and fees

If you search the Minto Money website for information about rates and fees, you won’t find much. In the fine print on its site, Minto advises, “our fees are disclosed in your loan agreement” but doesn’t give any indication of what their range of fees is before you apply, aside from $20 late fees and $30 nonsufficient funds fees for returned payments.

Minto Money also admits in its fine print that other financing options, like a home equity line credit or credit card cash advance, may be a better, cheaper alternative. 

Online application and approval

To apply for a Minto Money loan, you can fill out an application online. If you’re approved, you’ll be able to sign the official loan documents (where you’ll finally get to see what the loan will cost you) electronically. You can expect the money in your account within one business day, depending on your bank.

Not regulated by state laws

Tribal lenders like Minto Money aren’t necessarily regulated by state authorities, the Federal Trade Commission or the Consumer Financial Protection Bureau, though Minto Money claims to comply with laws that apply to short-term and online lending.  

Installment payment plan options

Unlike with payday loans, which require you to pay back what you borrow by your next paycheck, Minto Money loans are installment loans. That means you can repay the funds over time, but Minto is not transparent about the length of its loans or how many installments are required. The site simply claims that Minto Money will work with you to design a “manageable payment schedule” that coincides with your paydays.

A closer look at a Minto Money personal loan

Here are a few more details to keep in mind if you’re interested in a Minto Money personal loan.

• Not available in every state — Minto Money does not lend to borrowers in every state, so if you’re interested, check to see if yours is excluded.
• Not available to active military members — If you apply online, at the bottom of the form there’s a field asking if you’re active military. Those who respond “yes” get a message saying there are no loans offered to you at this time.
• May qualify for same-day funding — If your application is approved Monday through Friday by 2 p.m. Central time, you might be able to get your money that same day, depending on your bank.
• Can cancel your loan — You may not be stuck with your loan if you realize it’s not right for you after approval. Minto Money says it will allow you to cancel, but you must do so by 4 p.m. Central time the next business day after you receive the funds.
• No prepayment penalties — If you want to pay off your loan early, you may be able to do so without facing a prepayment penalty. You’ll need to contact customer service so they can process your final payment.

Who is a Minto Money loan good for?

It may be risky to apply for a Minto Money loan. Since its rates and fees are unclear, you won’t know the costs of your loan (or how long you have to repay it) until you apply, get approved and receive a loan agreement.

Before you apply for a Minto Money loan to cover emergency expenses, consider other bad credit lenders who might be more transparent about their costs — or who might allow you to prequalify without a hard credit inquiry, which can temporarily ding your credit.

Another smart move is to look into a payday alternative loan from a federal credit union or a loan app.

If you do decide to borrow money from Minto Money, read the fine print and make sure you’re aware of the interest rates and fees and repayment period before you sign. Minto acknowledges that these are expensive loans, and you should know what you’re getting into before committing.

How to apply with Minto Money

You may find it’s possible to get approved for a Minto Money loan even if you have bad credit, as the lender will consider other factors like your income and banking history.

Eligibility requirements for a loan from tribal lender Minto Money include …

• You must be 18 years or older
• You must not be in a bankruptcy case
• You must share contact details, income and checking account info

If you’ve considered your options and still think Minto Money might be right for you, you can fill out the short application form on its site. You’ll indicate how much you want to borrow as well as your name, email and state.

There’s also a section that will require you to share your income and other information. You’ll also need to speak to a customer service representative to complete the verification process.

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

• OneMain Financial: If you’d like to prequalify for a loan and check your potential rate, OneMain Financial might be an option.
• NetCredit: NetCredit may make sense if you don’t have the best credit but need a larger emergency loan of up to $10,000 with the option to prequalify.

If you’re in the market for a home but don’t have a lot of cash for a down payment, a Conventional 97 home loan is an option worth considering.

A Conventional 97 home loan lets you borrow 97% of the home’s value, so you’ll only have to put 3% down. If your credit is pretty good and you want an affordable low down payment alternative to an FHA mortgage, a Conventional 97 home loan might be worth considering.

Here’s a closer look at what a Conventional 97 home loan is, who qualifies and how it compares to other programs.

• What is a Conventional 97 loan?
• Who qualifies for a Conventional 97 mortgage?
• How do Conventional 97 mortgages differ from other conventional loans?
• How do Conventional 97 mortgages compare to FHA home loans?

What is a Conventional 97 loan?

Provided by Fannie Mae and Freddie Mac, a Conventional 97 loan is designed to make homeownership a reality for buyers who have been trying to save for a house but don’t have a lot of cash.

With a Conventional 97 loan, you can pay as little as 3% down. That means the loan-to-value, or LTV, ratio can be up to 97% — hence the “97” in the name Conventional 97.

Let’s say you want to purchase a home for $150,000. If you go with a Conventional 97 loan, you can borrow up to $145,500 and only have to come up with $4,500 to put down.

Your down payment can come from savings, cash that you have on hand, gifts, grants, employer-assistance programs and Community Seconds mortgage funds. You’ll also have to budget for private mortgage insurance, or PMI, just as you might with other types of conventional mortgages.

Types of Conventional 97 loans

• Fannie Mae HomeReady Loan: This program is for lower-income homebuyers with a minimum credit score of 620 who don’t have a large down payment. Mortgage insurance is required but you can apply to cancel your PMI once it reaches 80%. Income restrictions apply and homebuyer counseling is required.
• Fannie Mae 97% LTV Standard: This loan program is for first-time buyers — and it doesn’t have income restrictions. The 97% LTV Standard program requires a minimum 620 credit score, and you’ll have to get mortgage insurance. If you use this program, you’re offered a choice between the standard insurance coverage level of 35% or a minimum coverage level of 18%. The Fannie Mae HomeReady program does not offer this choice.
• Freddie Mac Home Possible Loan: The Freddie Mac Home Possible Loan caters to low-to-moderate income borrowers with a credit score of at least 660 who have 3% for a down payment. You’ll be required to pay for PMI until your loan balance goes down to at least 80% of its value. Income caps apply unless you’re buying in an “underserved” area.
• Freddie Mac Home One: Home One also offers a 3% down mortgage loan with mortgage insurance required. The Home One program has no income limits, but if you are a first-time homebuyer you’re required to take a homebuyer education class. Certain restrictions apply, including approval for fixed-interest rate loans only, and these loans are for single-unit, owner-occupied residences.

Who qualifies for a Conventional 97 mortgage?

There are certain general requirements you’ll need to meet to be approved for a Conventional 97 mortgage. You must …

• Have a credit score of at least 620 or 660, depending on the program.
• Meet income limits depending on the loan.
• Plan to live in the property as your primary residence.
• Complete a homebuyer education course in typical cases.

Some Conventional 97 mortgages require that at least one home buyer hasn’t owned a home in the past three years. Income limits, where applicable, may depend on the location of the property you’d like to buy.

How do Conventional 97 mortgages differ from other conventional loans?

There are several important ways Conventional 97 loans differ from conventional mortgages.

• Down payments: Conventional mortgages may require higher down payments than Conventional 97 mortgages, especially if you want to avoid paying a mortgage insurance premium.
• Primary residence: Conventional loans are typically for all kinds of residences, including primary residences, second homes, and vacation properties — while Conventional 97 mortgages are typically offered for primary residences only.
• Extra restrictions and requirements: You may also find that a Conventional 97 loan has, depending on the program and the type of mortgage you choose, income restrictions and homebuyer education requirements that conventional mortgages may not impose.

How do Conventional 97 mortgages compare to FHA home loans?

Both Conventional 97 mortgages and FHA loans make it easier for people to buy a home without a large down payment. The Conventional 97 home loan requires a 3% down payment, and you’ll need a minimum 3.5% down for an FHA loan. Here are some other differences.

• Number of units: FHA mortgages allow loans for properties with up to four living units but you may find some Conventional 97 loans are approved for single-unit residences only.
• Mortgage insurance: FHA-insured loans come with two types of mortgage insurance premiums: an upfront fee plus a monthly FHA mortgage insurance premium. Conventional 97 mortgages have monthly or annual mortgage insurance options that may vary depending on the loan, the loan-to-value ratio, etc.
• Qualifying credit scores: Compared to FHA loans, Conventional 97 mortgages are a bit harder to qualify for. FHA loan guidelines state FICO scores of 580 or higher technically qualify for the lowest down payment. Compare that to the 620 or 660 minimum FICO score requirements Fannie Mae and Freddie Mac list for certain Conventional 97 loans. Note that these are loan program guidelines, and other lender requirements may apply.

What’s next?

If you’re interested in a Conventional 97 home loan, it’s a good idea to compare participating lenders and loan options. When you’re looking into these loans, ask for a side-by-side comparison of Conventional 97, FHA, and other loan options. That may help you better understand your choices about both your home loan and the lender.  

CIT Bank mortgage loans at a glance

• Conventional loans: Yes
• FHA loans: California only
• VA loans: No
• Refinancing: Yes
• Jumbo loan: Yes
• Adjustable rates: Yes (​​5/6, 7/6 and 10/6 and interest-only loans)
• Fixed rates: Yes (10, 15, 20, 25, 30 years)

CIT Bank is a national bank with brick-and-mortar branches in several states including California, Florida and Texas. CIT has an online mortgage “get started” option, but you’ll need to submit contact information about the size and type of mortgage you want, and then wait to be contacted by a representative to get further info or apply.

Pros

• Has a variety of loan terms
• Offers relationship discounts to people who have or open a qualifying CIT bank account

Cons

• Must speak with a loan officer before applying
• No upfront info about specific loan options
• Availability of some loan options depends on the state you’re in

4 things to know about a CIT Bank mortgage loan

1. Some rate and monthly payment info available online — but that’s it

Once you share some details such as the value of the home you want, your desired loan amount, your ZIP code and your credit scores via an online form, CIT Bank provides an idea of mortgage rates and terms.

From there, you won’t be able to complete an application or getting more detailed information online — you’ll have to speak to or email a CIT loan consultant to get any further.

2. Rate discounts available with a qualifying bank account

CIT Bank offers two relationship discounts that can get you a lower rate. If you put 10% of your loan balance into a CIT bank account (checking, savings or money market), you can qualify for 0.1% off your rate. And you can qualify for 0.2% off your rate if you keep 25% of your loan balance in a qualifying account.

That can be a good option if you want to bank with CIT.

3. Not much upfront info about loan options

When you visit the mortgage page on the CIT Bank website, you won’t find detailed information about the types of home loans available.

While it has information on hardship assistance and how to use the online portal, the site doesn’t state whether it offers conventional mortgages, government-backed loans or other types of home loans.

4. Must speak with a loan officer before applying

You can contact CIT Bank about starting the mortgage process online by filling out a contact form with basic questions about yourself and your desired mortgage. But you’ll have to wait for a loan officer to contact you about getting preapproval or formally applying.

So if you’re just looking to research and compare loans, rates and terms online, CIT isn’t a great option because you can’t get that info without speaking to a loan officer.

Who is a CIT Bank loan good for?

A CIT Bank mortgage may be worth considering if you’re interested in using CIT for banking along with a mortgage and you qualify for its relationship discounts. The lower interest rate could save you money over the life of your loan.

How to apply for a CIT Bank mortgage

If you want to apply for a CIT Bank mortgage, you’ll need to fill out some online forms and wait to hear from a loan officer. Or you can call CIT’s customer service number to discuss your mortgage needs with a live person.

Like any other mortgage lender, CIT Bank will look at your credit scores, debt-to-income ratio and other factors before it decides whether to approve you for a mortgage.

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

If you want to compare rates with a number of lenders, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

Here are a couple of other lenders to consider.

• Rocket Mortgage: Rocket Mortgage offers VA loans as well as conventional and FHA loans.
• Freedom Mortgage: Freedom Mortgage may meet your needs if you’re a first-time homebuyer and want to take advantage of a government-backed mortgage like an FHA loan, USDA loan or VA loan.

If you’ve been hit with overdraft fees, there may be a way to get your money back.

An overdraft can occur when you try to spend more money than you have in your account balance. Overdrafting can often lead to overdraft fees and bank charges. Whether a deposit didn’t clear as fast as you thought it would or you simply weren’t paying attention to your account, you might be able to get a refund on your overdraft fees, which can add up quickly. Let’s take a closer look at how to get an overdraft fee refund and what you can to avoid these fees in the first place.

• Can I get my bank to waive overdraft fees?
• How to avoid overdraft fees
• What you need to know about overdraft fees

Can I get my bank to waive overdraft fees?

Some banks may refund an overdraft fee after you contact customer service and explain your situation, especially if you’ve been a loyal customer and rarely overdraw your account. Other banks might have a formal program that either waives or helps you avoid overdraft fees.

Wells Fargo, for example, offers the Overdraft Rewind program. The bank states that as long as you make a direct deposit to cover the deficit by 9 a.m. the next morning, your overdraft fee will be waived. If you have an account that receives direct deposit, you’ll benefit from this feature automatically.

With Bank of America’s Balance Connect, you can link to five other accounts and transfer additional funds when you need to avoid an overdraft fee. These accounts can be other checking accounts, savings accounts, credit cards and lines of credit.

Huntington Bank is another bank that can help you save on overdraft fees. If you overdraw your account by $50 or less, you’ll be covered by the $50 Safety Zone and won’t have to worry about an overdraft fee. There’s also a 24-hour grace period that gives you 24 hours to make a deposit and avoid any overdraft fees.

How to avoid overdraft fees

While you might be able to get your overdraft fees refunded, it’s better to avoid them altogether. Here are some tips on how to do so.

Keep track of your balance

Make sure you know how much money is coming in and going out of your account at all times. You can keep track of this manually on paper or electronically by checking your account on the computer or on your phone. If your bank offers it, enroll in low balance alerts so you receive a notification any time your account goes below a certain threshold.

Link to another account

If you don’t have enough money in your account to pay for a purchase, your bank may transfer funds from another checking or savings account to cover the shortfall. All you have to do is link to the alternate account. Check with your bank to find out if this is an option.

Choose a bank that doesn’t charge overdraft fees

Some banks don’t charge overdraft fees on all checking accounts — though this might mean that they don’t offer an overdraft protection program at all. If your current bank charges overdraft fees and you tend to overdraw your account often, it may be worth it to switch to a different bank without overdraft fees. Just make sure you’re aware of other fees like returned check fees and ATM fees.

Opt out of overdraft protection

By opting out of overdraft protection, you won’t have to pay overdraft fees. But keep in mind that if you try to buy something and don’t have enough money in your account, your debit card transaction will be denied. Even though you might be a bit embarrassed, you’ll save on overdraft fees.

What you need to know about overdraft fees

Overdraft fees aren’t cheap. In fact, they can run you anywhere between $30 and $35 per transaction. Some banks may even charge you several overdraft fees per day — or even extended overdraft fees when you have a negative balance for a certain number of days. That’s why one overdraft fee can quickly add up to a lot of money.

What’s next?

If you overdraft your checking account every once in a while, it might not be too much of a concern as mistakes can happen. But if you find yourself overdrafting often, you may be spending more than you earn or not paying close enough attention to your finances. It may be a good idea to take a closer look at your monthly budget and figure out how you can tweak it to avoid overdraft fees in the first place.