Pros

• Lowest rates are competitive
• Kashable’s reporting to credit bureaus may help you build credit
• Prequalification application

Cons

• Interest rates can be relatively high if your credit isn’t solid
• Repayment comes directly out of your payroll
• Not available in every state — and only through select employers

What you need to know about Kashable loans

Kashable is a New York–based online lender that offers personal loans through certain employers, including the federal government. The company bills itself as “a better way to tackle costly debt and unexpected expenses.”

Kashable loans range from $250 to $20,000 with competitive annual percentage rates, or APRs  — which you’ll be more likely to get if you have strong credit.

Here’s what you need to know if you’re considering a loan from Kashable.

Competitive starting interest rates

Kashable’s lowest interest rates are competitive, even when compared with traditional personal loans. But keep in mind that Kashable says you’ll have to be a “high-credit borrower” with “a responsible financial history” to potentially qualify for those rates.

Kashable’s higher range of rates goes well into the double digits — relatively high for a traditional personal loan, though still likely a better option than a payday loan.

If you want to check your potential rate and terms, Kashable offers a prequalification application that won’t hurt your credit scores. But keep in mind that if you apply, Kashable will check your credit with a hard inquiry, which will lower your scores slightly, and final terms and approval may differ from your prequalification.

May help you build credit

Kashable reports repayment history to consumer credit bureaus (it doesn’t specify which ones), so making payments on your loan on-time and in full may help you build your credit.

But if you don’t make payments on-time, or if you don’t make your full monthly payment, your credit scores could drop.

Employer-based qualification

Kashable only offers loans through select employers, which means it’s not available to the general public. If you’re not sure if your employer qualifies, you can check directly on Kashable’s website.

Kashable also has a program that offers personal loans specifically for federal employers. It’s available in 47 states as of November 2020.

Repayment through payroll deduction

Kashable says if you’re approved, you’ll usually get your loan funds in your bank account within three business days.

Repayments are handled through payroll deductions that are automatically taken out of your wages.

While payroll deduction may be a positive if you prefer automation, you might not appreciate it if you want more flexibility on payments.

A closer look at Kashable loans

If you’re thinking about applying for a loan from Kashable, here are some more details to consider.

• Employment history matters: Kashable says it uses a combination of employment and credit data to determine approval, terms and loan amounts.
• Not available to military members: Kashable doesn’t offer loans to active military personnel and their dependents.
• Must have a personal bank account: You receive loan funds through direct deposit into your bank account.

Should I apply for a Kashable loan?

If you need to consolidate high-interest debt or want to finance a major purchase, a Kashable personal loan may make sense — but you’ll want to apply for prequalification. When you prequalify for a personal loan you can get an idea of the interest rate you may face.

If you prequalify, check that your estimated APR is lower than the APRs of any credit cards you have before you take out a loan.

Depending on the amount you need, it may make sense to explore a payday alternative loan from a federal credit union. With PALs, credit unions limit fees to the cost it takes to process your application, up to $20 — and interest rates are capped.

Also remember that your Kashable loan repayment will be deducted directly from your paycheck. While this may help you avoid missing a payment, it will also limit your flexibility on the timing of payments.

How to apply for a Kashable loan

Kashable has an online application that it says can be completed in minutes. The first step is to check if you qualify based on your employer.

Be prepared to provide the following information on your online loan application:

• Full name
• Email address
• Employer name
• Employee ID number
• Bank account info for deposit
• A copy of your paystub

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

• Dave app: The Dave app may be a good option for someone with a steady paycheck who needs a few extra dollars from time to time. Cash advances may be available to members up to $100.
• Earnin app: Earnin may also be a good choice if you occasionally need a small amount of extra cash before your next paycheck and you meet the app’s eligibility requirements.

You can get a loan without a bank account. But beware of limited and expensive options.

Having a bank account — specifically a checking account, in many cases — is a common requirement when you apply for a personal loan. 

If you don’t have a bank account, or think you can’t get one, you may still have some loan options. But the loans you might have to choose from — like title loans or payday loans — can be so costly that you won’t want to get one unless you absolutely have to.

Let’s take a look at why it’s hard to get a loan without a bank account, the kinds of loans that might be available and other solutions to consider.

Why it’s hard to get a loan without a bank account

A bank account plays a big role in lending because it gives lenders insight into your financial situation. Lenders often look at an applicant’s bank account as one piece of the puzzle in trying to figure out if you’re likely to repay what you borrow.

That’s why many lenders make having a bank account a requirement for applicants when they apply for a personal loan. 

Some lenders, such as payday or title loan lenders, may consider applicants who don’t have bank accounts. But to offset the risk of lending to an applicant they know less about, these lenders may ask you to provide collateral — an asset, such as a car, that they can take if you don’t repay your loan — and they typically charge high fees and interest.

Loan options if you don’t have a bank account

As with most loan products, your options will vary depending on your credit history, income and a number of other factors. 

But before we go there, it makes sense to first consider if you can change your situation by getting a bank account. You may be able to set up a checking account pretty easily. If you’ve had past checking account errors or misuse, look into a second chance checking account. They’re designed to help people who have negative banking history get back in the door.

Beyond that, what are your options?

Friends and family

A loan from someone close to you usually doesn’t come with the requirements — or the costs — that traditional loans do. The downside can be the strain that getting financial help from friends or family can put on relationships. If available, this option can save you a ton and give you a much-needed financial boost. Just carefully weigh the possibilities and risks.

Payday or title loans

If you’re facing a true financial emergency, can’t change your banking situation and can’t borrow from someone close to you, your last resort may be a car title loan or payday loan. 

We don’t recommend these loan types, because of the costs and financial risks usually associated with them. But if you think you have to take that step, know what’s involved so that you have the best chance of protecting yourself by understanding the costs and what it takes to repay the loan. 

Risks of title loans and payday loans

A title loan is secured with an asset you own outright — your car. With a payday loan, the due date for the loan is generally your next payday after you take out the loan.

Both come with some big red flags. 

For title loans, here are the potential negatives. 

• High APRs — The Federal Trade Commission warns that most car title loans have APRs in the triple digits, significantly higher than the APR of a typical personal loan.
• Equity matters — The loan amount you can apply for largely depends on how much equity you have in the car. According to the FTC, these loans are for $100 to $5,500.
• Repossession — If you don’t pay back your title loan as agreed, your car can get repossessed. 

And for payday loans, the typical negatives include … 

• Small loans — Primarily, the loans you may apply for are small, often $500 or less. 
• High fees — According to the Consumer Financial Protection Bureau, the fees for a typical two-week payday loan can be equal to an APR of almost 400%. That’s a lot more than the APR you’d likely pay on a personal loan. 
• Potential debt spiral — If you can’t pay back your payday loan quickly, the fees can add up fast and make your existing financial problems snowball.

Payday alternative loans

We always recommend seeking other means of financing before considering payday or title loans due to the risks we just discussed. One of those options may be a payday alternative loan. 

A payday alternative loan is a short-term small-amount loan that’s offered by a federal credit union. Here are some of the benefits of PALs.

• The interest rate is capped at 28%.
• The application fee can’t be more than necessary to cover the cost of processing the application ($20 or less).
• You may apply to borrow up to $2,000.
• Repayment terms may range from one month to 12 months.

Check with your local branch for further requirements and specifications.

Next steps

Getting a personal loan without having a bank account could be both expensive and risky, unless you can borrow from a trusted family member or friend. 

Before committing to a lender that charges high interest and fees or requires collateral, see if you can open a bank account. A second-chance bank account might be an option that helps you gain some ground financially and positions you for a loan with better terms. 

As with all loans, you’ll want to look closely at the loan terms and have a plan to pay it back as agreed.

Pros

• Loan funds are usually available within one to two business days
• May help build credit with on-time payments

Cons

• Only available if you work at an employer BMG Money partners with
• Relatively high interest rates
• Repayment deducted directly from paycheck

What you need to know about a BMG Money personal loan

BMG Money is an online lender based in Miami that partners with a network of employers to offer emergency loans. To qualify, your employer has to be among the partners that BMG Money works with.

BMG Money offers loans between $500 and $10,000, with loan amounts varying based on your employer and where you live (its loans are available in 33 states and the District of Columbia). Fast funding is possible — potentially on the same day depending on when you sign your loan agreement.

Here’s what else you need to know if you’re considering a BMG Money loan.

Same-day funding possible

BMG Money can potentially fund your loan within the same day if you’re approved and signed before noon Eastern time on a standard business day. In most cases, BMG says funds are available within one to two business days.

Funding speed may not be a big deal for some people. But if you need a loan for an unexpected emergency such as a car repair, same-day funding could be a relief.

BMG loans may help you build credit

BMG Money doesn’t pull your credit scores when it evaluates your loan application, but it does report your payment history to the credit bureaus.

Adding positive payment history to your credit reports may help you build your credit. But be aware that if you miss a payment with BMG Money, it could also hurt your credit.

Payroll deductions for repayments

If you qualify for a BMG loan, it’s important to know that BMG collects loan repayments via payroll deduction. In other words, your payment is taken directly from your paycheck.

This automation may prevent you from missing a payment, but it also gives you less control over when you make a payment.

And if you leave your employer before you pay off your loan, you’ll have to set up an alternative payment plan with BMG.

Relatively high interest rates

BMG’s interest rates are high compared to some other personal loan lenders, but they may be lower than what you’ll find with a payday loan (if they’re offered in your state).

If you have strong credit, you’ll want to look elsewhere for a personal loan. But even if your credit is less-than-perfect, it’s a good idea to shop around to see if you can find a better offer than BMG.

A closer look at a BMG Money personal loan

If you’re thinking about applying for a personal loan from BMG Money, here are a few more details to consider.

• Only available in 33 states — BMG Money loans are only available in 33 states, as well as Washington, D.C. You can find the full list of states on BMG’s website.
• Open bankruptcies not allowed — You won’t qualify if you have an open bankruptcy.
• No loans for military — BMG Money doesn’t offer personal loans to active military personnel.
• One-year employment minimum — You need to have been employed with your current qualified employer for at least one year in order to apply.
• Refinancing available — You can apply to refinance with BMG Money for a longer payment term or lower monthly payments.

Should I apply for a BMG Money loan?

BMG Money may be a good alternative for people with shaky credit who need a loan fast for an emergency. If you have limited loan options because of your credit history, BMG Money loans are probably a better alternative than payday loans because the APR may be significantly lower.

Paycheck deductions may prevent you from missing payments. But consider how a smaller paycheck will affect the rest of your budget. You don’t want to miss other payments or have to take out costlier debt down the road.

Another option to consider is a payday alternative loan offered by certain federal credit unions. These small-dollar loans have fees capped at the cost of processing the application, or up to $20, so they can be a much less expensive way to borrow.

If you have strong credit, you should look for a better rate elsewhere. Personal loans from banks, credit unions or online lenders are a place to start.

How to apply with BMG Money

You can apply with BMG Money online. The first step is to check if you qualify based on your employer.

To qualify, you’ll also need to have been employed for at least one year, be at least 18, not be active in the military and not have an open bankruptcy.

Be prepared to provide at least the following information on your online loan application:

• Full name and address
• Social Security number
• Employer name
• Phone number
• Employee ID number
• Date of birth
• Email address
• Gross income per pay period
• Length with current employer

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

• Dave app: If you need just a little bit of money, the Dave app lets you advance up to $75 with no interest as long as you’re a member. (Membership costs $1 a month.)
• Earnin app: Earnin lets you access up to $100 a day from your upcoming paycheck, but you’ll have to meet the company’s eligibility requirements. You’ll tip what you think is fair instead of paying interest.

A joint savings account can make it simpler to manage finances with another person. But you should only open one after defining its purpose and establishing clear rules with people you trust.

Savings accounts are a common type of bank account. A joint savings account is owned by two or more people.

A joint savings account may make it easier for multiple people to manage their finances together. It can also allow an individual co-owner to have more money insured at one institution than they would with a savings account on their own.

We’ll go over the potential benefits of joint savings accounts in more detail and some things to consider before you open one.

• How do joint savings accounts work?
• Who can I open a joint savings account with?
• Tips for opening a joint savings account

How do joint savings accounts work?

A joint savings account is similar to an individual savings account, except that two or more people co-own the bank account. And just like an individual savings account, a joint savings account may offer the account owners an interest rate on their deposits, typically with compounding interest. This is called your annual percentage yield, or APY.

How to open a joint savings account

Opening a joint savings account is similar to opening an individual savings account.

First, you’ll need to decide which bank, credit union or online bank you want to open an account with and see if it offers a joint savings account.

If neither of you has an account with the financial institution you’ve chosen, you can probably apply together by selecting the “joint account” option in the application, either online or at a physical branch.

If you already have an account, you may be able to add others as joint account holders at your existing financial institution. But you might have to go into a branch to do that.

Here’s the type of personal information you may be expected to submit when opening a new joint savings account.

• Social Security number
• Valid ID
• Date of birth
• Phone number
• Email address
• Proof of physical address
• Bank account or debit card information for funding your new account

Who has access to the joint savings account?

Everyone on the account has the same access to the joint savings account. In other words, any account holder can withdraw from the joint account without the other person’s permission.

What are the benefits of a joint savings account?

A joint savings account can be helpful for those who want to manage shared finances or work toward shared financial goals with a person they trust.

A joint savings account also allows for greater transparency because both deposits and expenses withdrawn from that account can be viewed by all account holders. And it’s important to note that anyone listed on the account has equal access to the funds in it.

It may also provide better financial protection, since the Federal Deposit Insurance Corporation, or FDIC, typically insures a higher amount for a joint savings account than it would for an individual savings account. For an individual account, the FDIC insures a single person at the same bank up to $250,000 for a single account type.

But for a joint savings account with two co-owners, the FDIC would insure a maximum of $500,000 on that joint account, minus any amounts held by either of the co-owners across other FDIC-insured accounts at the same bank.

Who can I open a joint savings account with?

Generally, you can open a joint savings account with anyone. But just because you can doesn’t mean you should.

Since a joint account allows anyone with ownership to withdraw funds from the account without another account holder’s permission, it’s important to have a clear purpose for the account — and the funds in it. It’s also important to open this type of account with someone you trust.

Joint savings accounts can make sense for partners or married couples who manage shared expenses. And parents may find a joint account with a child a useful tool to teach them about finances.

Tips for opening a joint savings account

Before opening a joint savings account, you should make sure you trust the people who will co-own the account, define the account’s purpose, and establish other clear rules around how and when to use the account.

You and any co-owners should discuss and agree on the purpose of the bank account — whether it’s to save for a specific expense, pay for shared costs or something else.

After setting a clear purpose, you should also discuss rules for using the account. Here are some questions to ask.

• How often and how much will each person contribute to the joint account?
• When can someone withdraw from the joint savings account?
• What’s the maximum amount each person can withdraw per month?
• What’s the maximum limit a person can withdraw without informing the other account holders?
• What happens if a person doesn’t follow the rules?

What’s next?

A joint savings account can be a convenient way for multiple people to manage finances together. But you should only do so in certain situations. If you’re not sure if a joint savings account is for you, ask yourself these questions before opening a shared savings account.

• Do you trust the people who you want to open the joint account with?
• Have you and your co-owners agreed on the purpose of this joint account?
• Have you set the rules on how to use the bank account?
• Do you want to open a new joint account or add others to your existing savings account?

If you’re looking for a free savings account, there are options available to you. But you might want to start by looking at online savings accounts or credit union savings accounts. It’s much more difficult to find a bank that offers a free savings account without strings attached, such as maintaining a minimum balance.

It makes sense to look for a savings account that doesn’t charge a monthly fee. But you’ll also want to consider what a savings account can give you in return: interest on your money.

Think about opening a high-yield savings account that will earn a higher-than-average interest rate. That way, your nest egg or emergency fund can grow even faster.

What should I look for in a free savings account?

If you’re comparing savings accounts, you’ll want to make sure they offer some or all of these perks.

• Low or no fees: Some banks charge a monthly fee that could be waived when specific requirements, which may include a minimum daily balance, are met. It’s easy to find credit unions and online savings accounts that don’t charge these fees.
• High APY: To maximize your potential return, try to select a free savings account that’s considered a high-yield account. You’ll want to compare the annual percentage yield, or APY, of each so you can get the best bang for your buck.
• Ease of access: Do you need access to a physical branch or an ATM? Not all accounts — such as online savings accounts — offer this.
• Low or no minimum deposit: Some financial institutions require a minimum opening deposit for your savings account. But if this is inconvenient to you, you shouldn’t have a problem finding one that doesn’t have this requirement.
• FDIC insurance: Is your bank insured by the Federal Deposit Insurance Corp.? The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
• Number of withdrawals/transfers: All savings accounts at “depository institutions” have to abide by Regulation D, which, in part, means you can’t make more than six “convenient” withdraws from a savings account in a month. Some banks and credit unions charge you a fee if you go over this limit.

What banks offer free savings accounts?

Many traditional banks don’t offer truly free savings accounts. For example, Bank of America has several requirements, including …

• Depositing at least $100 to open an account
• Maintaining a $500 minimum daily balance or linking your savings account to a Bank of America Advantage Relationship Banking account or being a Preferred Rewards client of the bank.

But traditional banks aren’t the only option you should consider when shopping for a free savings account. Online savings accounts may offer better interest rates with fewer or no fees.

Balances from savings accounts are an essential source of funds for financial institutions. Your deposit could help fund another person’s loan.

Let’s run through the different types of banks and financial institutions that offer free savings accounts, ranked in order of where you might want to look first:

Online banks

Online savings accounts may have the best value because they often have no monthly maintenance fees, no minimum balance requirements and higher interest rates. In some cases, the interest rate on a high-yield online savings account at an online bank can be 10 times to 20 times higher than the national savings average provided by the FDIC.

The biggest drawback of opening an online-only savings account may be either limited or no access to physical branches and ATMs. Since online banks typically don’t have physical storefronts, they can be inconvenient if you prefer to speak to someone in person.

Credit unions

You can get a free savings account at a credit union. These accounts may have few or no fees, and some might offer higher APYs than traditional banks.

Unlike brick-and-mortar banks, credit unions are nonprofit organizations that are owned by members. You’ll probably have an easy time finding a credit union savings account that has no fees or a low minimum balance requirement.

But remember that you’ll first have to join a credit union, which may require a small fee in the form of a minimum required deposit. A credit union’s network of branches and ATMs may be smaller than a bank’s.

Traditional banks

The most significant benefit of a savings account from a brick-and-mortar bank is access to a large network of branches and ATMs. Some of the largest commercial banks in the U.S have thousands of branches and even more ATMs.

Traditional banks often offer a low APY for savings deposits. Before you open a savings account, you’ll also want to know that some banks require a minimum opening deposit.

What’s next?

To find a free savings account that meets your needs, you should ask yourself the following questions:

• Do you need to visit a physical branch?
• Does the company have a mobile app for mobile banking?
• Do you need an ATM card or debit card?
• Does the institution have fee-free ATMs near you?
• Do you need other services from the same financial institution in addition to a savings account?
• Do you use mobile check deposit?

These answers can help you narrow your search and find a free savings account that will get you one step closer to your savings goals.

Pros

• Small amounts available
• May qualify with bad credit
• Potentially fast funding time

Cons

• Very high interest rates
• Full range of interest rates not disclosed on website
• Late fee

What you need to know about Green Arrow Loans

Green Arrow is a tribal lender owned and operated by the Big Valley Band of Pomo Indians. It offers small personal loans, with loan amounts ranging from $200 to $1,000. But the annual percentage rate, or APR, can be extremely high — even higher than the APR on a typical payday loan.

Because of the high interest rate, it’s best to pay a Green Arrow loan back as soon as possible to avoid accruing large interest payments.

Small amounts available

Similar to payday loans, Green Arrow specializes in small loans for people with bad credit. One benefit of a small loan is that you can borrow just what you need to tide you over during a financial emergency.

Green Arrow’s minimum loan amount is just $200. The maximum loan amount depends on whether you are a new or returning customer. If approved, first-time customers can borrow no more than $300. Returning customers can apply to borrow up to $1,000.

You may qualify with bad credit

Green Arrow says the company typically doesn’t do credit checks, so you may be able to qualify even with some serious dings in your credit history like charge-offs.

Very high interest rates

Green Arrow doesn’t put its full range of interest rates on its website. As of September 2022, its website listed an example of a $300 loan with a 779.99% APR that must be repaid in nine biweekly installments. Compared to the average APR on a two-year personal loan — or even the typical APR on a payday loan — Green Arrow loans have very high interest rates.

A closer look at a Green Arrow loan

If you’re thinking about applying for a Green Arrow loan, here are a few other details to consider.

• Minimum monthly income: In order to qualify, you need to be employed and make at least $1,000 a month.
• No prepayment penalty: If you want a shorter repayment term, you can pay off your financing early without any extra fee.
• No credit reporting: Green Arrow doesn’t typically report payment history to the three major credit bureaus, so this loan likely won’t help you build credit.
• Potentially fast funding time: If approved, your loan amount may be deposited into your bank account as soon as the next business day.
• Late fee: If you can’t make your payment on time, there’s a late fee of $30.
• No loan extension or rollover: Unlike some payday lenders, Green Arrow doesn’t permit loan extensions, renewals or rollovers.
• Not available in all states: Green Arrow doesn’t offer loans in all states and says the states where it offers loans can change frequently. As of September 2022, Green Arrow doesn’t offer loans in Arkansas, Colorado, Connecticut, Georgia, Maryland, Minnesota, Montana, New Hampshire, New York, North Carolina, Pennsylvania, Puerto Rico, Virginia, Vermont, Washington or West Virginia.

Who a Green Arrow loan is good for

If you need money for an emergency cost like a car repair and have exhausted other options like using an existing credit card or taking out a lower-interest loan, a Green Arrow loan may be a way to fill the gap.

But with its high interest rates, Green Arrow should not be used for long-term borrowing. Try to pay off your loan early to save on interest payments.

If you’d like to build credit, a Green Arrow loan won’t likely help since Green Arrow says it doesn’t typically report your payments to the three major consumer credit bureaus.

How to apply with Green Arrow

If you want to apply for a Green Arrow loan, you can get started with an online application on its website. The application process should take less than five minutes if you have your personal info handy.

Be prepared to provide the following on your online loan application:

• Requested loan amount
• Full name and address
• Social Security number
• Phone number
• Date of birth
• Email address
• Identification verification
• Employer information and monthly income
• Bank account information

Not sure if a Green Arrow loan is right for you? Consider these alternatives.

• Rocket Loans: If you need a larger loan amount, you might want to consider borrowing from Rocket Loans.
• NetCredit personal loan: If you’re working to build your credit, a NetCredit personal loan may be right for you since it reports to the credit bureaus.

Pros

• Allows a co-applicant
• Fixed APR may be lower than APR on a Home Depot credit card

Cons

• Have to buy products or services within the first 6 months
• Purchases have to be at Home Depot only
• No prequalification option

What you need to know about a Home Depot project loan

Home Depot’s project loan is a credit line geared toward people who shop at Home Depot and want to finance home services and improvement projects. With the project loan offering a fixed interest rate and a credit line between $1,000 and $55,000, it may be a good alternative to the Home Depot® Consumer Credit Card.

But unlike a credit card where you can continuously make purchases, you only have six months from the time you’re approved for a project loan to make purchases — and only at Home Depot, either in a store or online.

A fixed rate that’s lower than Home Depot’s credit card

If you’re approved, a Home Depot project loan may come with a fixed interest rate that’s significantly lower than the lowest rate offered by the Home Depot® Consumer Credit Card.

And unlike a home equity loan or home equity line of credit, you won’t have to put up any collateral when you apply.

There’s a six-month purchase period

A downside of the Home Depot project loan is that you can only make purchases with it during the first six months. The first day begins on your approval date.

With a credit card, you can continue to make purchases as long as you haven’t exceeded your credit limit.

You have to buy from Home Depot

If you take out a Home Depot project loan, you’ll be limited to purchasing items and services from Home Depot, either in a store or online.

If you’re planning a big home improvement project, like a kitchen remodel, and you’re loyal to Home Depot, this loan might make sense for you. But if you prefer to use other contractors or materials, other financing might be a better option.

A closer look at a Home Depot project loan

If you’re thinking about applying for a Home Depot project loan, here are a few other details to consider.

• Co-applicant allowed — If you want to include someone else on your application, you can add one co-applicant.
• Four options for a loan term — You have four options for your repayment term: 66, 78, 90 or 114 monthly payments.
• No annual fee — The project loan doesn’t come with an annual fee.
• No prequalification option — If you want to check your potential rate before applying, you can’t apply for prequalification for a Home Depot project loan. And Home Depot will pull your credit reports and credit scores at the time of your application.

Who is a Home Depot project loan good for?

If you need to finance a home improvement project, a Home Depot project loan may be worth exploring for a large amount at a competitive fixed rate. It could be a particularly good option if you were already planning to purchase all of your materials and installation services from Home Depot.

But you’ll want to make sure you can complete all your purchases within the six-month window that Home Depot requires.

How to apply for the Home Depot project loan

You can get started online by entering the loan amount you would like. After that, you’ll provide some basic information about yourself and your co-applicant, if you have one.

You may also be asked to provide additional identifying documentation that supports the information you provide in your application, such as a driver’s license.

Not sure if a Home Depot project loan is right for you? Consider these alternatives.

• LightStream personal loan: A LightStream personal loan could be a good fit if you’d like longer to repay your loan.
• Wells Fargo: If you bank with Wells Fargo, this lender may be a good option for large amounts since it has a secured personal loan that you can back with a savings account or CD.

Updated January 4, 2024

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Ryan Mei

Pros

• Check potential options without affecting credit scores by applying for prequalification
• Potentially fast funding, if approved
• No prepayment penalties

Cons

• Origination fee
• Limited options for repayment periods
• Fees for late payments or insufficient funds

What you need to know about a Rocket Loans personal loan

Rocket Loans is a sister company of Detroit-based mortgage giant Quicken Loans, which owns Rocket Mortgage. Rocket Loans is an online lender that offers personal loans between $2,000 and $45,000. The company says it aims to offer a simple, convenient and completely online experience. Its loans include origination fees.

Rocket Loans can be used for a range of expenses, including credit card debt consolidation, home improvement, medical bills, auto expenses and business costs.

Checking your options won’t affect your credit scores

Rocket Loans lets you apply for prequalification to check your options — including potential interest rates, repayment lengths and origination fees — with a soft credit inquiry, which won’t affect your credit scores. This feature can help you shop around to compare loan options before making a final decision. Note that prequalification isn’t a guarantee of approval, and you may be offered different terms after completing a full application.

An origination fee

Rocket Loans charges an origination fee of 1% to 6% on each loan it issues. This is a one-time fee that’s deducted directly from your loan funds. In other words, if you’re approved for a loan of $10,000 with a 5% origination fee, you’ll receive $9,500.

Not all personal loan lenders charge an origination fee. When you’re shopping for a personal loan, you should compare whether the lender charges an origination fee.

Potentially fast funding

Rocket Loans tries to stand out from other personal loan lenders by advertising fast funding. In particular, it offers same-day funding if you’re approved. But this option has restrictions on the amount and timing.

Though the maximum amount offered by Rocket Loans is $45,000, the same-day funding option is only available for loans of up to $25,000. You’ll also need to complete the loan process and sign a promissory note by 1 p.m. Eastern time that business day to have a chance to get the money deposited into your bank account.

Same-day funding can be a big benefit if you need access to money quickly, as long as you’re mindful of the early cut-off time. But keep in mind that depending on your bank, there may be a wait before you can access your cash.

No prepayment penalties

Rocket Loans doesn’t have prepayment penalties. In other words, the remaining balance can be repaid in full at any time without additional charges.

Without prepayment penalties, you can potentially pay off the entire loan early, saving on interest.

A closer look at Rocket Loans

If you’re thinking about applying for a personal loan from Rocket Loans, here are a few more details to consider.

• Limited options for repayment periods: Rocket Loans offers only two loan terms: 36 months or 60 months. Compared with other options on the market, Rocket Loans’ options are fewer and shorter. If you have a different time frame in mind, you may want to shop around before making your decision.
• Autopay discount: When you opt in to make your monthly payments with autopay, you’re eligible to receive a discount.
• Late fee and insufficient-funds fee: There’s a $15 late fee and a $15 insufficient-funds fee per occurrence.
• Credit matters: Rocket Loans looks at a lot of information in reviewing your eligibility, including your credit scores and reports.

Who is a Rocket Loans personal loan good for?

While you’ll typically have to go through an approval process no matter the lender, a personal loan from Rocket Loans may be right for you if you need a personal loan fast since there is the potential for a same-day loan. You can quickly find out your potential loan options with a soft credit inquiry, which doesn’t hurt your credit scores.

If you’d like to pay back your loan before your term ends, you can do so with Rocket Loans without a prepayment penalty.

Because of its origination fees, limits on the loan amount available, and inflexible repayment periods, Rocket Loans may be best for people who need no more than $45,000 and a repayment period of no more than five years.

How to apply with Rocket Loans

Rocket Loans personal loans are available to U.S. residents 18 and older — except those in Alabama and Nebraska, who need to be 19 or older. If you meet these requirements, applying should be straightforward.

You can get started with an online prequalification application by providing some basic information about yourself to check your potential rate and terms. If you want to proceed after that, you’ll need to register on the website.

Be prepared to provide the following information during the application process for prequalification:

• Purpose of the loan
• Whether you rent or own a home
• Employment status
• Personal annual income (before taxes)
• Full name and address
• Phone number
• Date of birth
• Email address
• Social Security number

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

• Discover personal loan: A Discover personal loan may be a good option if you want to avoid an origination fee.

But motorcycle leases aren’t as common as auto leases. You won’t find a leasing program at many dealerships you visit. For example, even within the Harley-Davidson franchise, you may find leasing offered in one shop but not in another.

You may be able to qualify for a motorcycle lease even if your credit isn’t great. But the trade-off may be a high interest rate or large down-payment requirement. For these reasons, leasing may not be the best choice for everyone.

Hop on to learn if a motorcycle lease is right for you.

• What is a motorcycle lease?
• Motorcycle loans vs. leases
• Is a motorcycle lease right for you?
• Alternatives to motorcycle leasing

What is a motorcycle lease?

Similar to an auto lease, a motorcycle lease lets you drive the vehicle without buying it. At the end of the lease, you may renew the lease, return the bike, buy the bike or trade it in for another one.

Motorcycle lease terms typically range from 18 months to 60 months, and you’ll often have the option to lease either a new or a used motorcycle.

Here are some other important details you should know about motorcycle leasing.

• Availability: Motorcycle leases through dealerships aren’t common in the U.S, but they do exist. Besides dealerships, financing companies like MotoLease also offer motorcycle leases.
• Cost: Motorcycle leases can be expensive. You may need to put down somewhere between 10% and 20%, and your interest rate will vary depending on your credit. Typically, the better your credit the lower your interest rate will be.
• Unlimited mileage: An auto lease typically comes with a mileage restriction, while a motorcycle lease often has none.

Motorcycle loans vs. leases

Motorcycle leases and motorcycle loans both have their pros and cons. Let’s compare the two options.

Availability

Motorcycle leases aren’t as widely available as motorcycle loans, so you may not be able to lease directly from a dealership. For example, Honda, Harley-Davidson, Ducati and BMW all offer motorcycle loans. Of these four, only Harley-Davidson offers motorcycle leasing — but not in all locations.

Credit requirements

You may be able to get approved for a motorcycle lease even if you have rough credit. While that’s also possible with motorcycle loans, beware of “buy-here, pay-here” loans, which often come with high interest rates and unfavorable loan terms.

Overall cost

Motorcycle leases may be more expensive than motorcycle loans. If you have good credit, it may make more sense for you to finance a motorcycle since you may qualify for a lower interest rate than if you leased a bike.

Also, remember that at the end of your lease, you won’t own the motorcycle. You’ll have to renew your lease, lease another bike, buy one or find alternate transportation.

Is a motorcycle lease right for you?

A motorcycle lease may not be right for everyone. If you can afford to buy a motorcycle outright or have solid credit, buying may save you money compared to leasing.

But motorcycle leasing may be a good option in these two scenarios.

You have credit challenges

If you’re working on building or rebuilding your credit, leasing could be a good option. You may want to think of a motorcycle lease as a second chance loan. The drawbacks are that you may pay a high interest rate and be required to make a large down payment.

You drive a lot and want a different bike every few years

Leasing can be a particularly good option if you plan on putting a lot of miles on a bike and prefer to drive a new one every few years. You can often find lease programs with no mileage restrictions.

Alternatives to motorcycle leasing

Besides loans and leases, there are a couple of additional motorcycle-financing options to consider.

Balloon financing

Balloon-financing programs are offered directly by some motorcycle dealers. With this option, you only make payments on part of the bike’s total amount you financed — then you’ll owe one large balloon payment at the end of the contract. As a result, your monthly payment ends up being lower — until the balloon payment is due.

Keep in mind that these programs usually require solid credit for approval, so not everyone will qualify for this type of financing.

Short-term rental

If you only need a motorcycle for a few days or weeks, a short-term rental could be a good option. You can also use this opportunity to try out a few different motorcycles before committing to buy or lease.

Two options for short-term rentals are EagleRider, the exclusive provider of Harley-Davidson rentals in the U.S., and Riders Share, a motorcycle-sharing program that’s similar to Airbnb for homes.

Bottom line

Whether a motorcycle lease is right for you ultimately depends on your personal situation, especially as it applies to your credit and your driving behavior.

Before you decide to lease, think about your needs and create a budget. That will help you understand if a motorcycle lease fits your lifestyle and finances, or if you need to take a different financing route instead.

Leasing a car has become more popular for Americans over the past decade.

Figuring out the best times to lease a car may be top of mind as you budget and try to save money on a deal.

Leasing is different from buying in many ways. But when it comes to timing a good deal, there are some similarities. Just as with buying a car, if you plan ahead, you may be able to take advantage of major model changes, end-of-month or -year sales and special holiday deals.

When is the best time to lease a car?

The best times to lease can vary. It can generally be when business is slow, whether that’s because it’s a certain time of year or because of lagging popularity of a particular car model. Dealers also sometimes offer special incentives at the end of the year or during model year changes.

Major model changes

If you don’t mind getting last year’s model, you may score a good lease deal around the time car manufacturers introduce new models into the market. During this time — often around late summer or early fall — car dealers may provide sales incentives and rebates to get rid of the older models and make space for the newer ones.

Car manufacturers typically refresh their models every four to six years with redesigns. Keep in mind that if you plan on leasing last year’s model when a new model arrives, you could be missing out on upgrades or new features.

But if these upgrades are minor or the new features aren’t make-or-break for you, buying an older model year could help you save while still driving off with a new car.

End of month or year

Many car dealerships have a monthly sales target to hit. When they reach that milestone, they typically receive a bonus. Near the end of the month, if a car dealership is approaching that sales goal, it may have an incentive to make the number before the month is over.

In other words, you might be able to negotiate a better price because an auto dealership may cut prices to get deals done and meet the monthly goal.

You also may save by waiting until the end of the year to lease. In addition to monthly targets, many car dealerships earn bonus payouts for hitting quarterly and yearly goals. If the dealership is just short of sales to reach the goal, you could potentially walk away with a deal.

Holiday sales

You may have seen lease promotions around the holidays, like Memorial Day, the Fourth of July, Labor Day and Christmas. If you shop around during the holidays and dealers have these types of promotions, you may be able to take advantage of some steep discounts.

Be aware that there may be strings attached to advertised deals. For example, your lease contract may come with a lower mileage allowance than is typical or the deal may apply to only specific colors.

Tips for leasing a car

Before you head to the dealer, make sure you understand how to lease a car and how car leases differ from buying a new car.

• Calculate the monthly payment you can afford. Conventional wisdom is to follow the 15% rule and pay no more than that amount of your monthly take-home pay for an auto loan or lease payment. Remember that amount doesn’t include fuel, insurance and maintenance that may be needed down the road.
• Decide if leasing is right for you. If you want to regularly drive a new vehicle, leasing may be the right option for you. But keep in mind that you won’t own your vehicle at the end of the lease (you’ll have to buy it if you want to keep it — an option not always available), and you may owe an extra amount for things like going over your mileage limit.
• Check your credit. Generally, leasing companies tend to offer lower interest rates to applicants with higher credit scores. In fact, Experian reports that leasing companies may look for FICO® scores of 700 or better. Checking your credit scores beforehand can help you understand your likelihood of approval for a lease.
• Understand important leasing terms. If you don’t speak the language of leasing, it’s easier to get confused when you’re negotiating your lease. Start by understanding residual value, which is the predicted value of what your vehicle’s value will be when you return it. A higher residual value can mean the dealer expects it to retain its value better. This is also the amount that the purchase-option price is based on if there is an option to purchase the vehicle at the end of the lease.

Bottom line

Try to shop around for the best possible lease for your circumstances. Leasing last year’s model during a major model change, waiting for better bargaining power at the end of a month or year, or shopping around during a holiday sale might save you some money.

In addition to good timing, make sure you calculate ahead of time what monthly payment range you’d be comfortable paying, check your credit and read up on leasing jargon. You’ll probably feel more confident when you begin shopping — and that may help you make more informed decisions.

Lease vs. buy calculator for cars

Use our lease vs. buy calculator for cars to get a better idea of how much money leasing a car versus buying one could save you — or cost you.