Personal Loan Blog

If there’s one thing that makes people nervous about borrowing money, it’s the question of the interest rate. Will it go up? Is fixed or variable better? What the heck is LIBOR?! All these questions will be answered, friend… so read on! 1. If your credit is poor, get a co-signer. Plain and simple, a [...]

Contrary to popular belief, lenders don’t just pull a number out of thin air. In fact, they use one of two financial indexes to determine the interest rate that is then extended to borrowers. The two rates are the Prime Rate and the LIBOR Index. Prime Rate The prime rate, which is currently 3.25%, is based on the fed [...]