A common way that many homeowners borrow money is with a home equity loan. The money you borrow can be used for many different purposes, and the interest rates are usually lower than other borrowing options, like personal loans. The following overview can help you decide if a home equity loan is a good option… Read More »How Do Home Equity Loans Work?
If you’ve built up some equity in your home, you might be thinking about tapping into the cash to fund renovations and anything else you have on your plate. You might also be wondering how a home equity line of credit works. A home equity line of credit from TEG Federal Credit Union gives you… Read More »Guide to Home Equity Lines of Credit (HELOCs)
You’ve probably heard it on the news – the Federal Reserve will raise interest rates this year to help slow inflation. According to many economists, we could see up to six or seven rate hikes in 2022. But what does this mean for you? Will you still be able to borrow money when you need… Read More »Rising Interest Rates Make Personal Loans a Smart Choice
When many find themselves in financial binds and need quick cash, they often turn to payday loans. These loans are quick and easy to obtain, and the funds are usually available the same day you apply. Although payday loans are convenient, they have some important negatives to consider. A personal loan from TEG Federal Credit… Read More »Payday Loans vs. Personal Loans [What You Need to Know]
A personal loan is a great choice if you need to borrow some money to pay for a home repair, buy a new appliance, or consolidate high-interest credit card debt. Qualifying is relatively easy, and there are few or no restrictions on what you can do with the money you borrow. But did you realize… Read More »4 Types of Personal Loans
Debt consolidation is a popular strategy that many use to combine several high-interest debts into a new loan with a much lower interest rate. In addition to helping you save money on interest, debt consolidation can also make your debt easier to manage. Instead of having several monthly payments to worry about, you will only… Read More »How Consolidating Debt Can Improve Your Credit Score
Trying to keep up with multiple debt payments can be a big headache. Each debt will have its own monthly due date, and some debts will have higher interest rates than others. To simplify their lives, many people consolidate their debt so they only have to deal with one monthly payment. But, is consolidating debt… Read More »Is Consolidating Debt a Good Idea?
Personal loans are among the most common and versatile loans that people apply for. They can be used for many different purposes, interest rates are fixed, and they can be obtained without collateral. Also, if you are approved for a personal loan, funds are usually disbursed quickly so you won’t have to wait long. If… Read More »Personal Loan Requirements [+ How to Apply]
Carrying a lot of debt can really hold you back in life. If you try to apply for a mortgage, for example, you may be denied if you already have an expensive car payment, a student loan, and significant credit card debt. Being deep in debt isn’t just an inconvenience—it can keep you from realizing… Read More »5 Debt Payoff Strategies That Work
