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Cash-Out Refinance: How It Works and When to Get One With a cash-out refinance, you might be able to get a lower interest rate and larger loan amount than with a personal loan or other alternative. Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.” If you need money for home improvements, paying down debt, or financing other major expenses, you could consider tapping into your home’s equity with a cash-out refinance. With a cash-out refinance, your existing mortgage is paid off and replaced by a new loan with a higher loan amount than what you owe on your home. You get the extra amount, minus any closing costs, as a lump sum payment to use as you wish. What is a cash-out refinance? Cash-out refinancing lets you use the equity in your home (the difference between how much your home is worth and how much you owe on your existing mortgage) to take out a larger mortgage. […]

Auto Title Loans: For this type of loan, your car title is used as collateral If you fail to pay your loans, including all interest and fees, your car becomes the property of the lender. Auto title loans have been banned in 26 states, while 12 others have caps on rates and fees. Members of the military have a nationwide cap of 36% APR on any loan. Pawnshop Loan: This loan uses other valuable items besides your car as collateral. You must physically bring your valuables to the pawnshop for their value to be assessed. Normally, a pawnshop will lend you 50% of the estimated value. If borrowers do not pay back the loan plus interest and fees by the agreed time, the pawnshop has the right to sell the pawned items. […]