Financial Topics Archives | Page 371 of 808

Dec

2023

How to Pick Stocks: Essential Steps for Investors

By Samuel Becker | Growing Wealth, invest, Investing | Comments Off

You’re ready to start buying stocks. But as you look at all the stocks available, you may be wondering which ones to choose. What’s the best way to pick a stock? And how do you know which stocks might be right for your portfolio?

This guide will walk you through what you need to know about how to pick stocks.

Step 1: Define Your Investment Goals

Before you start exploring different stocks, think about what you’re investing for. Of course you’re investing to make money, but what do you want to accomplish overall? In other words, what are your investment goals? Figuring out your purpose can help you when you’re choosing investments and determining how to pick stocks.

Understanding Your Financial Objectives

What are you hoping to achieve with your investments? Think about this carefully. Is it retirement? Are you saving for a downpayment on a home or your child’s college education? Knowing your financial goals is very important to your investment strategy.

Also, consider your timeframe. Will you need access to the money in the next several years? If so, you may want to be more conservative with your investments. Or are you investing for the far-off future? In that case, you may be interested in stocks that have higher growth potential — with the understanding that higher-growth investments can also carry more risk.

Identifying Your Investor Profile

There are different types of investors. Pinpointing which type you are can help as you’re building your portfolio.

Investors who are looking for income (for instance, retirees who want to supplement their retirement funds) may want to buy stocks in companies that pay regular dividends. Investors who want to safeguard their money will likely want to look for stocks in companies that are stable. And investors who want to try to increase their earnings as much as possible might focus on buying higher-risk, higher-growth stocks.

💡 Quick Tip: If you’re opening a brokerage account for the first time, consider starting with an amount of money you’re prepared to lose. Investing always includes the risk of loss, and until you’ve gained some experience, it’s probably wise to start small.

Step 2: Learn the Art of Diversification

Diversifying your portfolio may help mitigate investment risk and may even improve investment performance, studies show. However, diversification is no guarantee and there is still risk when you invest.

The Role of Diversification in Risk Management

When you choose stocks, your inclination might be to stick to just a few companies you’ve researched and feel good about. This approach might seem like it could protect you from losses. But, in fact, limiting your portfolio could actually increase your chances of losing money.

Here’s why: Unsystematic risk is a risk that’s unique to a particular company or industry. So if you invest in the stocks of food manufacturers, for instance, and extreme weather damages some of the crops they use for their products, their stock prices could plummet, which could cause investment losses for you. But if your portfolio is diversified and holds a range of stocks from different sectors or industries, it helps mitigate risk. That’s because while one stock might drop, others could remain stable.

Techniques for Effective Portfolio Diversification

To build a diversified portfolio, there’s something known as the 60/40 rule that calls for investing 60% of your portfolio in equities like stocks, and 40% in fixed income vehicles like bonds and cash.

However, even if you’re building a strictly stock portfolio, you can still diversify it. Instead of owning shares in just one company, for example, you can buy shares in a number of different companies.

You can also choose stocks in different sectors, such as consumer goods, energy, and agriculture. And you can vary the types of stocks by buying stocks in a mix of small-, mid-, and large-cap companies.

If this sounds too complicated and involved, you might be interested in investing in mutual funds or exchange-traded funds (ETFs) that contain assets from many different companies. This is another way to diversify your portfolio.

Step 3: Research and Select Potential Stocks

Now you can start considering which stocks to buy. How to pick stocks? One strategy could be to go with a company for which you have an affinity or one that you’re quite familiar with. Think of the brands that are household names, for instance.

Once you have a few companies in mind, it’s time to find out more about them.

Conducting Company Research

When doing research on companies, these are some of the things you’ll want to look into: Are the companies profitable? How do they perform against others in their industry? Has there been bad news recently about them?

Here are some resources to discover more.

Company filings. The U.S. government requires most companies to file financial data on their performance and notable changes in the corporation. Look for the company’s quarterly and annual balance sheet, income statement, and the cash-flow statement. It’s also a good idea to look at each company’s retained-earnings statement and its shareholders’ equity.

You can find these on the company’s website under the Investor Relations section, or you can go to the Securities and Exchange Commission website to find any required filing. You’ll need to get acquainted with financial ratios. They will help you contrast and compare different companies so you can make a final decision. You’ll find them invaluable for selecting your first stock to buy.

Market news sites. Plenty of sites devote pages of content on what companies are doing, where sectors are heading, and how the market is reacting. Get in the habit of browsing a few every day. You can even set up alerts. That way, when you learn how to buy your first stock, you can keep up with all the news.

Deep analysis sites. Many companies offer stock-market research and make the task of evaluating stocks easier. Some offer information at no cost, others charge a subscription. Zacks Stock Screener and Stock Rover are examples of sites that do not charge. The sites that offer even deeper analysis, like Morningstar, may charge a fee. Many online brokerages also offer analysis content you can use.

Step 4: Analyze Stock Value and Performance

Next, you can look at the performance of the stock over time and its price to see if it represents a good value. Here’s how to do that.

Assessing Financial Health and Earnings

To evaluate a stock’s price, you can look at its price-to-earning ratio (you can generally find this information on the company’s website), which is a company’s share price divided by its earnings per share over the past year. If a stock’s PE is below its historic average, this typically indicates the stock is at a good price.

Another metric to check out is a stock’s dividend yield. If the dividend yield is above average, that could be an indication that the stock is at a good price.

These types of metrics can give you an idea of how profitable and efficient a company might be.

💡 Quick Tip: Distributing your money across a range of assets — also known as diversification — can be beneficial for long-term investors. When you put your eggs in many baskets, it may be beneficial if a single asset class goes down.

Step 5: Learn Risk Management in Stock Picking

A risk management strategy can help protect you from big losses. That involves never risking more money than you can afford to lose and knowing what your risk tolerance level is.

Balancing Risk and Potential Returns

How comfortable are you with risk? Are you the aggressive type who is willing to accept higher risk if it means you have the potential for higher returns? Or are you a conservative investor whose priority is to safeguard their money, so you are willing to accept lower returns for investments with lower risk?

In general, higher-growth stocks tend to be riskier, which aggressive investors may gravitate to. Stocks that are more stable and offer lower returns might appeal to a conservative investor.

Understanding how much risk you can tolerate, and balancing that risk with the potential rewards it might offer, is key to choosing which stocks to invest in.

Strategy for Long-Term vs Short-Term Investments

Investors who have a longer investment timeframe — for instance, those investing for retirement, which is 20 or more years away — may be willing to choose higher growth, higher risk stocks because they have time to try to recoup any losses they suffer.

Investors who are investing for the short-term — perhaps they want to buy a new house in two years, or their child will soon be heading off to college — may do best choosing a more conservative investment strategy to help maximize their savings and minimize their losses.

Step 6: Utilize Tools for Effective Stock Selection

There are tools that help you screen stocks. They’re available on many brokerage trading platforms, usually for free.

In addition, when selecting stocks, it can be a good idea to keep on top of news regarding the market in general as well as any specific sector or industry you might be interested in.

Navigating Stock Screeners and Tools

Stock screeners are tools that let you filter through many different stocks using criteria you choose based on your personal investment goals. You could screen by the industry or sector you’re considering, for instance, and by such data as on return on investment (ROI) or earnings per share (EPS). Look for these tools on brokerage trading platforms.

Keeping Up-to-Date with Market Trends

As discussed earlier, there are a number of market news sites you can follow to stay on top of the latest trends and happenings in the market. There are also financial podcasts you can listen to.

Step 7: Seek Answers to Your Stock-Picking Questions

Finally, before buying a stock, there are some key questions you should ask. These questions include:

• What does the company do?

• What is the company’s profit or revenue?

• What is the market for the company and who are the customers?

• What is the company’s price-to-earnings (PE) ratio?

• How does it differentiate itself from competitors?

• Why are you investing in this stock? What do you want it to do for your portfolio?

Once you research the answer to these questions, if the stock seems profitable and well-positioned for the future, you may want to consider it for your portfolio.

The Takeaway

Picking stocks involves a number of steps, such as determining your investment goals, understanding your risk tolerance, and researching companies and stocks that are a good fit with your purpose for investing.

Consider carefully which stocks look strong and could help you meet your investment objectives. And remember to look for stocks that can help you diversify and balance your portfolio as you work to set yourself up for financial success.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

What is the best formula for picking stocks?

There is no one best formula for picking stocks. One strategy you can use involves several steps, such as: figuring out your investing goals, researching companies to make sure they are a good fit with your goals and that they’re profitable and have a good business plan in place for the future, and evaluating the stock’s price to make sure it’s a good value.

How does Warren Buffett pick a stock?

Warren Buffet’s strategy for picking a stock includes looking for stocks that are undervalued by the market in order to maximize returns. Buffet tends to buy stocks in businesses he understands and those that make sense to him. He also looks at a company’s management to see how it performs.

How do you know if a stock is good?

To help determine if a stock might be a good investment, get answers to questions about the way the company operates. For instance, how does it make money? How has it performed in the past? Are its products in demand? Is the company positioned for growth? Does it have a good management team in place?

Additionally, look at key metrics such as the price-to-earning (PE) ratio to help measure a stock’s value, and earnings per share (EPS) for an indication of its financial strength.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Dec

2023

The Savvy Investor’s Guide: Top 10 Ways to Aim to Build Your $1,000

By Samuel Becker | Growing Wealth, invest, Investing | Comments Off

If you’re looking for ways to invest $1,000, particularly in 2024, there are numerous options available to you, including stocks, bonds, treasuries, and even your own skill set. While investing has always been crucial to growing wealth, these days, it’s probably more important than ever as prices rise and many people struggle to sock enough money away to reach their financial goals.

Fortunately, there is an array of options available to investors, as mentioned, who are looking for ways to invest $1,000 — or any other amount.

1. Dive Into the Stock Market With Index Funds

Investors may want to dip their toes into the stock market and invest in index funds. Investing in index funds comprises a passive investing strategy, which can be less risky than buying individual stocks or securities. These types of funds track or follow a market index, or benchmarket, and track it so as to mimic the performance of the larger market, or a segment of it.

Why S&P 500 Index Funds Make Sense

If you’re looking at investing $1,000, it may make sense to check out S&P 500 index funds, which track the S&P 500 index — more or less, most of the stock market. These index funds give investors exposure to 500 of the biggest stocks on the market.

Notably, investing in one of these index funds can be advantageous because it’s easy, gives investors immediate and broad exposure in the markets, and offers a degree of built-in diversification into their portfolios. That’s not to say that investing in S&P 500 index funds is foolproof, of course, as they do have their risks. In the event of a broad market downturn, for instance, your portfolio would likely take a significant hit, depending on the specific makeup of the portfolio.

As such, index fund investing has some advantages, such as ease of management, relatively low entry costs in some cases, and the ability to quickly diversify a portfolio. But there can be disadvantages, too: Index funds don’t necessarily directly follow indexes, it’s a form of passive investing (which may be disappointing to investors who want a more active approach), and depending on your overall strategy, they may not be the best fit – they may be better for long-term investors, for instance.

The Long-Term Benefits of Market Matching

The true magic of broad index funds is that many of them will track the larger performance of the market over time. Which, if you’ve looked at the historical run of the market, tends to go up. As for the S&P 500, specifically? It has grown significantly over time — but not without some hiccups along the way. The S&P 500 has annualized approximately 10% over time.

2. Embrace Diversification With ETFs

Exchange-traded funds, or ETFs, are another good option for investors looking at how to invest $1,000. They can also serve as an alternative to index funds, as ETFs can be a great tool for some new and experienced investors to gain broad exposure to a wide variety of different asset classes. These days, there are ETFs for almost anything.

How ETFs Offer Accessibility to Beginners

Purchasing shares of an ETF works just like purchasing shares of an individual company’s stock. Which means it can be easy for beginners.

ETF trading, like other types of trading or investing, has its pros and cons, though. As for the pros, ETFs can be easy to trade (again, good for beginners), offer a degree of built-in diversification, tend to have lower associated costs, and may be more tax-efficient than other investment types, like mutual funds. As for cons, ETFs may lack personalization, suffer from tracking errors, introduce counterparty and market risks, and may incorporate complex trading strategies (like leveraged or inverse ETFs).

So, keep in mind that while ETFs may be beginner-friendly, there are advantages and disadvantages.

Comparing Popular ETF Options

As mentioned, investors can look at broad index-focused ETFs, or any number of others. An internet search will yield many options, no matter an investor’s interest.

Imagine an investor who wants exposure to gold mining stocks. But researching all of the many different mining companies out there, examining their plans, management, profitability and more all seems overwhelming. What could such an investor do? They may want to consider buying shares of any number of different ETFs that include a basket of gold mining stocks. There are ETFs for real estate, oil, bonds, and stocks of different companies in many different industries.

💡 Quick Tip: The best stock trading app? That’s a personal preference, of course. Generally speaking, though, a great app is one with an intuitive interface and powerful features to help make trades quickly and easily.

3. Bet on Yourself: Invest in Personal Development

If you’re wondering how to invest $1,000 outside of traditional financial securities, look inward! An investment in yourself and your own personal development can also pay dividends.

Education as an Investment

Earning a degree, certificate, or otherwise investing in education is, for many people, a first step toward a brighter financial future. While there are risks and significant costs associated with going to college or earning a degree, it may increase your earning potential significantly, and over the years, that should add up in a big way.

If this is something you’re seriously considering, you could also compare the pros and cons of attending a community college versus a four-year institution, and look at programs that tend to lead to more career opportunities. But remember that there’s no guarantee that a degree or certificate will lead to future job opportunities, or additional earnings.

4. Secure Your Future With Retirement Funds

Another way to invest $1,000 is to sock it away in a retirement account or retirement fund, and there are several options available to investors. For instance, you could open an IRA, or enroll in an employer-sponsored account, like a 401(k).

The Advantage of IRAs

Individual retirement accounts, or IRAs, come in different varieties, such as traditional and Roth IRAs. It’s worth checking out the differences to see which may be the best fit for you and your specific situation or goals, but the general idea is that you can invest money in these accounts, and they’re tax-advantaged. Plus, anyone can open one — they’re not employer-sponsored.

The Magic of 401(k) Matches

Maximizing a 401(k) retirement plan can be another option for investors who are looking to grow their money. Some employers will match employee contributions to 401(k) accounts, effectively supercharging their ability to save. While there are annual contribution limits, investors who have a little extra money to invest may want to see if they can or should put it in their 401(k).

While both IRAs and 401(k)s have some advantages for investors, you’ll want to keep the potential downsides in mind, too. Depending on the type of account you open (Roth versus traditional, for instance), there may not be any immediate tax benefits, for one. Further, it may be difficult to withdraw money quickly if you need it, and there are fees and penalties for doing so depending on your age. You may also be required to take distributions at one point, which some investors may not want to do.

5. Step Into Tech With Robo-Advisors

Robo-advisors are algorithms that pick investments for investors automatically. That may be of interest to some investors looking to put some extra money to work. And letting technology take the reins when it comes to making investment decisions can be appealing to many investors, as it takes much of the guesswork, calculation, and research out of the investing process.

Simplifying Investments With Technology

As for how they work? Generally, an online robo-advisor will ask the investor some simple questions about their investment goals, risk tolerance, and where they are in their wealth-building journey (basically, current age and desired retirement age). Then, based on those answers, a portfolio will be generated, and the amount of money the investor would like to invest will be allocated accordingly.

There are typically several different model portfolios that will be recommended to investors, ranging from conservative risk-off, to moderately risk-on, to aggressively risk-on.

The various model portfolios usually provide a mix of assets according to how much risk an investor ought to take, which is determined by the answers given to the robo-advisor’s questions.

For example, traditional wisdom dictates that younger investors can take more risk because they have more time to make up for potential losses. On the other hand, older investors who find themselves closer to retirement are generally urged to take as little risk as possible, since steep losses could ruin their retirement plans.

Also keep some of the downsides of using a robo-advisor in mind, too. For example, there may be limited personalization and flexibility when using one, which may be a turn-off for some investors who want to take a more active hand in their portfolio. There’s also a lack of human contact, so you won’t be able to speak with someone at your brokerage as easily as you might like. The fees and costs, too, may be more than some investors want to pay.

6. Pay Down High-Interest Debts

While paying down debt may not seem like an “investment” in the traditional sense, it can serve as a sort of investment in your financial future by freeing up money that might go toward interest payments. Instead, you may be able to repurpose that money and funnel it into index funds, your retirement account, or more.

While how or if you choose to target your debt balances will depend on any number of factors, in most cases, it may be wise to try and pay down your debts with the highest applicable interest rate first — that will end up saving you the most money in the long run, as you save the most in interest.

As for how to do it? There are a lot of strategies to pay down debt out there, but it can start with some simple steps: Create a budget, set goals, utilize balance transfers, and more.

A couple of common debt-payoff strategies are the “snowball” and “avalanche” methods, which involve either paying off your debts with the lowest overall balance first, or your debts with the highest applicable interest rate – as mentioned. One or the other may work better for you, and it may be a good idea to try different strategies out to see what works.

Paying down debt is generally a good idea, but if there’s a downside to it, it’s the opportunity costs associated with the money you’re using to pay balances down. Think about this: If you instead invested or saved the money you’re using to pay down debt with, that money could grow or appreciate in the meantime – though there are no guarantees. Again, lowering debt burdens isn’t a bad thing, but opportunity costs may be something to keep in mind.

7. Create a Safety Net With High-Yield Savings Accounts

As interest rates shot up in 2022 and 2023, another potential avenue for growing your money is by putting it in a high-yield savings account. These accounts tend to offer higher interest than standard checking or savings accounts, and many banks offer them. It’s been some time since interest rates were actually attractive to investors, but heading into 2024, it may be worth seeing what your options are.

Finding the Best High-Yield Accounts

You’re likely to find numerous options for high-yield savings accounts out there, but some things you’ll want to look for include annual percentage yields (APY), required initial deposits, minimum balance requirements, applicable fees, and whether there’s a penalty for withdrawing your money.

What makes one account more attractive to you versus another will depend on your personal preferences. But generally, you’re looking for the highest APY, and lowest fees or costs associated with an account.

8. Explore Passive Income Opportunities

Why not invest in a passive income venture? That could be a side hustle, side gig, small business, or something similar. A lot of those opportunities will likely require at least a little startup capital, and many can be started for less than $1,000 — much less, in some cases.

Getting Started With Passive Ventures

There are dozens and dozens of ways to put your money to work and start a passive venture. Consider some of these ideas: Lend your money through a peer-to-peer lending platform, advertise using your personal vehicle, become a pet sitter, become a house cleaner, or even use some money to start a blog or publish an ebook.

Again, some of these will require a little startup cash, but if the chips fall in the right way, they could end up being lucrative passive income ventures.

Low-Investment Ideas for Passive Earnings

If you’re looking for investment opportunities, specifically, you can look at crowdfunding opportunities, buying an ETF or index fund, or even experimenting with a robo-advisor — all as mentioned. These may not provide passive “earnings” in the same way a small business venture would, but if the market sways in the right way, could provide some returns over time.

But, as always, do consider that all investing involves risk, as discussed. Not only that, but business ventures involve risk, as does lending out your money. These may be ways to earn or generate some passive income, but they all do have their associated risks.

9. Invest in Your Child’s Education with a 529 Plan

If you have children, or children in your life, you can also look at the possibility of investing in a 529 college savings plan. With education costs increasing every year, they’ll likely be thankful you did.

The Basics of 529 Plans

A 529 plan, or qualified tuition plan, allows parents or others to essentially pre-pay for a student’s tuition expenses, or contribution to an education-focused savings account. The contributions aren’t tax-deductible, but the distributions are tax-free for beneficiaries if they’re used on a qualified expense, such as tuition, books, and more.

Long-Term Benefits for Your Family

There are other options out there that can be used for saving or investing for education expenses. But the whole point is that these types of accounts can be used to ease the financial burden of college, offering tax-free growth. With student debt remaining a huge issue in the U.S., saving and investing for tuition earlier rather than later may be beneficial.

While 529 plans have benefits, there can be disadvantages as well. Funds can only be used for education purposes, for one, and there may be limited tax advantages depending on where you live and your specific financial situation. There are also fees and costs to consider, and investors should know that they won’t be able to take much of a hand in directing investments, either.

10. Consider Safe Bonds and T-Bills

If stocks, index funds, ETFs, or other investments seem a bit too risky, you can always look at relatively safe investments — which could include bonds and treasuries, or T-bills.

The Stability of Government Bonds

Treasuries, which are bonds that are issued by the federal government, and are generally considered to be one of, if not the safest investment on the market. That’s not to say that they aren’t without risk, but if treasuries become risky investments, there’s likely bigger issues to deal with in the economy than worrying about the value of your bond holdings. They can also be purchased directly from the government.

While Treasuries are relatively safe investments, they’re not without risk or downsides. For most investors, the primary disadvantage of Treasuries are that they provide low returns compared to other investments – but that’s typically the trade-off investors make to assume less risk.

Making Your Investment Work Harder

Investing your money — however you choose to do it — requires at least some research and consideration. At first, that is, depending on how you choose to invest or save it. But the point is to put the money away in a savings or investment account, allowing the market and time to work its magic, and hopefully seeing your balance or holdings accrue value over time.

When to Pivot Your Investment Strategy

Many investors may want to take a hands-off approach to investing, and that can work. Others may want to be more active. While you should perhaps consult with a financial professional to get a sense of what might work best for you, there are going to be times where you’ll want to consider pivoting your strategy.

As you move through life, your goals, risk tolerance, and time horizon will change – and so will your investment strategy. It may be difficult to tell when it’s time to adjust your strategy, but it can be a good idea to keep the fact that your strategy will change, at some point, in mind.

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

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Dec

2023

No Prepayment Penalty: Avoid Prepayment Penalties

By Krystal Etienne | Debt Payoff, personal_loan, Terminology | No Comments

You may feel proud of yourself for paying off a debt early, but doing so could trigger prepayment fees (ouch). The best way to avoid those charges is to read the fine print before you take out a loan that involves this kind of fee.

If you neglected to do that, however, it doesn’t necessarily mean you’re stuck with a prepayment penalty. Read on to learn ways to avoid paying loan prepayment penalties.

Table of Contents

What Is a Prepayment Penalty?
Can You Pay off a Loan Early?
Differences in Prepayment Penalties
How Are Prepayment Penalties Calculated?
Avoiding a Prepayment Penalty

What Is a Prepayment Penalty?

A prepayment penalty is when a lender charges you a fee for paying off your loan before the end of the loan term. It can be frustrating that a lender would charge you for paying off a loan too early. After all, many people may think a lender would appreciate being repaid as quickly as possible.

In theory, a lender would appreciate getting repaid quickly. But in reality, it’s not that simple. Lenders make most of their profit from interest, so if you pay off your loan early, the lender is possibly losing out on the interest payments that they were anticipating. Charging a prepayment penalty is one way a lender may recoup their financial loss if you pay off your loan early.

Lenders might calculate the prepayment fee based on the loan’s principal or how much interest remains when you pay off the loan. The penalty could also be a fixed amount as stated in the loan agreement.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.

Can You Pay Off a Loan Early?

Say you took out a $5,000 personal loan three years ago. You’ve been paying it off for three years, and you have two more years before the loan term ends. Recently you received a financial windfall and you want to use that money to pay off your personal loan early.

Can you pay off a personal loan early without paying a prepayment penalty? It depends on your lender. Some lenders offer personal loans without prepayment penalties, but some don’t. A mortgage prepayment penalty is more common than a personal loan prepayment penalty.

Differences in Prepayment Penalties

The best way to figure out how much a prepayment penalty would be is to check a loan’s terms before you accept them. Lenders have to be upfront about how much the prepayment penalty will be, and they’re required by law to disclose that information before you take on the loan.

Personal Loan Prepayment Penalty

If you take out a $6,000 personal loan to turn your guest room into a pet portrait studio and agree to pay your lender back $125 per month for five years, the term of that loan is five years. Although your loan term says it can’t take you more than five years to pay it off, some lenders also require that you don’t pay it off in less than five years.

The lender makes money off the monthly interest you pay on your loan, and if you pay off your loan early, the lender doesn’t make as much money. Loan prepayment penalties allow the lender to recoup the money they lose when you pay your loan off early.

Mortgage Prepayment Penalty

When it comes to mortgages, things get a little trickier. For loans that originated after 2014, there are restrictions on when a lender can impose prepayment penalties. If you took out a mortgage before 2014, however, you may be subject to a mortgage prepayment penalty. If you’re not sure if your mortgage has a prepayment penalty, check your origination paperwork or call your lender.

Checking for a Prepayment Clause

Lenders disclose whether or not they charge a prepayment penalty in the loan documents. It might be in the fine print, but the prepayment clause is there. If you’re considering paying off any type of loan early, check your loan’s terms and conditions to determine whether or not you’ll have to pay a prepayment penalty.

How Are Prepayment Penalties Calculated?

The cost of a prepayment penalty can vary widely depending on the amount of the loan and how your lender calculates the penalty. Lenders have different ways to determine how much of a prepayment penalty to charge.

If your loan has a prepayment penalty, figuring out exactly what the fee will be can help you determine whether paying the penalty will outweigh the benefits of paying your loan off early. Here are three different ways the prepayment penalty fee might be calculated:

1. Interest costs. If your loan charges a prepayment penalty based on interest, the lender is basing the fee on the interest you would have paid over the full term of the loan. Using the previous example, if you have a $6,000 loan with a five-year term and want to pay the remaining balance of the loan after only four years, the lender may charge you 12 months’ worth of interest as a penalty.

2. Percentage of balance. Some lenders use a percentage of the amount left on the loan to determine the penalty fee. This is a common way to calculate a mortgage prepayment penalty fee. For example, if you bought a house for $500,000 and have already paid down half the mortgage, you might want to pay off the remaining balance in a lump sum before the full term of your loan is up. In this case, your lender might require that you pay a percentage of the remaining $250,000 as a penalty.

3. Flat fee. Some lenders simply have a flat fee as a prepayment penalty. This means that no matter how early you pay back your loan, the amount you’ll have to pay will always be the prepayment penalty amount that’s disclosed in the loan agreement.

Recommended: Debt Payoff Guide

Avoiding a Prepayment Penalty

Trying to avoid prepayment penalties can seem like an exercise in futility, but it is possible. The easiest way to avoid them is to take out a loan or mortgage without prepayment penalties. If that’s not possible, you may still have options.

• If you already have a personal loan that has a prepayment penalty, and you want to pay your loan off early, talk to your lender. You may be offered an opportunity to pay off your loan closer to the final due date and sidestep the penalty. Or you might find that even if you pay off the loan early and incur a penalty, it might be less than the interest you would have paid over the remaining term of the loan.

• You can also take a look at your loan origination paperwork to see if it allows for a partial payoff without penalty. If it does, you might be able to prepay a portion of your loan each year, which allows you to get out of debt sooner without requiring you to pay a penalty fee.

For example, some mortgages allow payments of up to 25% of the purchase price once a year, without charging a prepayment penalty. This means that while you might not be able to pay off your full mortgage, you could pay up to 25% of the purchase price each year without triggering a penalty.

Some lenders shift their prepayment penalty terms over the life of your loan. This means that as you get closer to the end of your original loan term, you might face lower prepayment penalty fees or no fees at all. If that’s the case, it might make sense to wait a year or two until the prepayment penalties are less or no longer apply.

When it comes to your money, you don’t want to make any assumptions. You still need to do your due diligence by asking potential lenders if they have a prepayment penalty. The Truth in Lending Act (TILA) requires lenders to provide documentation of any loan fees they charge, including a prepayment penalty. Also, under the TILA, consumers have the right to cancel a loan agreement within three days of closing on the loan without the lender taking any adverse action against them.

Awarded Best Online Personal Loan by NerdWallet.
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The Takeaway

A prepayment penalty is one fee that can be avoided by asking questions of the lender and looking at the loan documents with a discerning eye. This may hold true both when you are shopping for a loan and when you are paying your loan off.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPL1223026

Dec

2023

When Should You Make Big Purchases?

By Janet Siroto | Budgeting & Goals, personal_loan | No Comments

If you’re making a big purchase, it can pay (literally) to know when prices are lowest, such as Black Friday, Cyber Monday, and other sale dates.

After all, if you are plunking down hundreds or thousands on a purchase, you likely want to get the best bargain possible. Here, you’ll learn about the best times to buy some of the most common big investment items. Happy shopping!

Televisions

If you’re interested in upgrading your home viewing experience, waiting for a sale could mean you score serious savings on the model you’ve had your eye on. There are a few times of year that TVs commonly go on sale. One way to score a deal on a new TV is to follow the release cycle.

Most television manufacturers release new models sometime between February and April every year, and while you could pick up the latest model, you could also find dramatic price cuts on last year’s models since retailers are looking to make room for newer inventory.

You can also find discounts on televisions in advance of events like the big football game in February, during Black Friday, and Cyber Monday.

💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.

Laptops

Buying a laptop can be a very personal choice. The demands you place on your computer may require more processing power than others, so it’s important to determine what you need out of a laptop before you begin browsing different brands and models. Deals may vary depending on the model that you need.

Macbooks and other Apple products usually get an upgrade once a year, though they don’t always follow a consistent release schedule or release all new products at the same time. If you see ads announcing new models, it may well mean that last year’s models are seeing price cuts.

Major PC manufacturers generally release new laptops three times a year — back-to-school season from June to September, holiday season from September to December, and spring from February to April. However, the best deals on laptops tend to appear at the heart of the back-to-school shopping season from July to August and from November to December, the peak of the holiday shopping season.

Outdoor Furniture

A great time to shop for outdoor furniture is generally when you won’t actually be able to use it. Typically, patio furniture goes on sale from Fourth of July to Labor Day, as retailers are trying to clear their inventory to make room for fall inventory. Usually the further you are from summer, the bigger the savings.

Recommended: $5,000 Personal Loan: How to Get One

Mattresses

Finding the perfect mattress can mean comfort, relaxation, and most importantly a restful sleep. So finding a supremely comfortable mattress and at a low price would be a huge win.

When buying a mattress there are a few times of year you can target to find reliably low prices. May is one of the best months to buy a new mattress. That’s because most sellers launch new models in June, and are eager to make space for the newer inventory.

It’s also worth looking for deals over popular shopping holidays, including but not limited to Memorial Day, Labor Day, and President’s Day. And don’t overlook Black Friday and Cyber Monday, where you can often find reasonable prices and good deals on mattresses. Amazon Prime Day can be another good time to swoop in and get a good deal.

Furniture

If you’re ready to spruce up your interior design with some new furniture there are two times you can look to find some major sales. The best time to buy furniture is typically either in winter or summer (usually January or July, to be specific). Usually, new styles are released twice a year, in February and August.

In January and July, retailers are eager to clear space for those new arrivals, so prices will generally be discounted. Floor models may be included as well, so you could ask about discounts on sample pieces to help you afford your purchase, whether you are thinking of using your credit card or a personal loan to pay for your new furniture.

And for an even better deal? Don’t be afraid to haggle! Furniture stores may be willing to negotiate, so consider asking them to sweeten the deal with a discount or freebie.

You may also find furniture deals around shopping holidays like President’s Day and Memorial Day.

Recommended: Can I Increase My Personal Loan Amount?

Engagement Rings

The thrill of falling in love and finally finding your match is invigorating. The cost of an engagement ring to make it official? Not as exciting. In 2023, Americans spent an average of $6,000 to buy an engagement ring. If the thought of dropping a few thousand dollars on a ring is less than thrilling, it could be worth planning your purchase so you can wait for the optimal time to buy.

If you’re wondering how to finance an engagement ring, know that there are a couple of times when you may be able to find a discount. Jewelry sales can be slow in the summer, so there may be sales to entice customers. There may also be seasonal sales after Christmas or after Valentine’s Day. Some jewelers may even be willing to negotiate on price to make the sale.

Household Appliances

Major household appliances like dishwashers, washing machines, stoves, and refrigerators can be expensive, so it makes sense to look out for discounts before you commit to a new model. Some great discounts on appliances can be found from September to October when manufacturers are releasing their latest product. This can make financing an appliance purchase easier.

Retailers will be trying to make room for newer models so you can often find considerable discounts during these months on new, but last year’s models. When it comes to refrigerators, the best time to purchase is usually in that spring, as that is when manufacturers release new models.

Black Friday and the Fourth of July are other great times to look for sales on household appliances. And if you plan on buying a new appliance from a brick and mortar store, it could be worth going toward the end of the month when salesmen are trying to meet their monthly quotas.

Tip: When you’re looking to upgrade or replace an appliance, always check for floor models and returned (but still fully functional) models when bargain hunting.

Fitness Equipment

Have your eye on a new treadmill or elliptical? January could be the right time to buy new exercise equipment as stores are eager to take advantage of New Year’s resolutions to get fit or lose weight.

Also look for Black Friday, Cyber Monday, and Amazon Prime Day discounts.

Cars

Dealerships generally offer great deals during year-end sales events. Some dealers anticipate cars as gifts for the holidays. Car dealerships are also looking toward the new year, which means they’ll need to make space for newer models on the lot. For some dealers, December is one of their biggest sales months.

You may also secure a good deal on a new car during holiday weekends when dealerships run promotions. Dealerships are also more likely to offer a deal on older models, anticipating a new release. Typically, new models are released in September and October, so you might also look for deals in late August. This intel can help you get your financing for a car purchase ready in time to go shopping.

The Takeaway

The best time to make a large purchase will depend on the item. There are a few shopping holidays, like Memorial Day, Labor Day, and Black Friday, when retailers are known to offer deep discounts on some items. When shopping for a big-ticket item it can be helpful to do your research, shop around, and in some cases, negotiate to secure the best deal.

Even timing your purchase to secure a deal at peak savings can mean a hefty bill. Instead of charging the expense to your credit card, consider applying for an unsecured personal loan, which likely offers a lower interest rate.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

SOPL1223023

Dec

2023

Student Loan Forgiveness for Firefighters

By Julia Califano | Building Your Career, Debt Payoff, Student Loans, student_loan | No Comments

Student loan payments are a heavy burden for many people working in public service. The pandemic-related pause on payment and interest accrual on student loans offered many firefighters relief from their student loan payments. But in October 2023, student loan payments resumed. Now, many borrowers, including firefighters, are struggling. About 40% of all federal borrowers missed their first payments.

Don’t let stress make you put off taking action on your debt. There are actually a number of relief programs that can help firefighters lower their monthly payments, even get the balance of their loans forgiven. Here’s a guide to help you navigate your forgiveness and repayment options.

Understanding Student Loan Forgiveness for Firefighters

If you’re hoping to become a firefighter, or already working as one, you’ve made a noble choice. Besides putting out local blazes, firefighters also rescue victims, educate the public on fire prevention, attend to medical emergencies, and respond to disasters.

While working as a first responder can be rewarding, repaying your student loans can be a challenge on a firefighter’s salary. The good news is that firefighters have options for student loan assistance and forgiveness, including Public Service Loan Forgiveness, income-driven repayment plans, consolidation, and refinancing. What follows is an overview of student loan forgiveness and relief programs for firefighters.

💡 Quick Tip: Often, the main goal of refinancing is to lower the interest rate on your student loans — federal and/or private — by taking out one loan with a new rate to replace your existing loans. Refinancing makes sense if you qualify for a lower rate and you don’t plan to use federal repayment programs or protections.

Public Service Loan Forgiveness for Firefighters

The Public Service Loan Forgiveness (PSLF) program cancels qualifying student loans for individuals, including firefighters and emergency medical personnel, who have worked in public service for 10 years and have made 120 payments on their loans. If you’re eligible, this can be one of the best ways to get loan forgiveness as a firefighter.

Qualifying Criteria for Firefighters Under This Program

To qualify for PSLF, you need to be employed full time by a federal, state, local, or tribal government or qualifying not-for-profit organization. You can use the Department of Education’s employer search tool to see if your employer qualifies for PSLF.

In addition, you must:

• Have federal Direct Loans (or consolidate other federal student loans into a Direct Loan)

• Repay your loans under an income-driven repayment plan or a 10-year Standard Repayment Plan

• Make a total of 120 qualifying monthly payments that need not be consecutive

Note that payments that would have been due during the pandemic-related pause count toward PSLF as long as you meet all other qualifications. You will get credit as though you made monthly payments.

If you have Federal Family Education Loans (FFEL), Federal Perkins Loans, or student loans from private lenders, these do not qualify for PSLF. However, you do have other relief and repayment options (more on those below).

Steps to Apply and Track Progress for Loan Forgiveness

To be considered for PSLF, you’ll need to submit a PSLF form. The easiest way to do this is by using the government’s PSLF Help Tool.

You can use this tool to request that your employer’s eligibility be reviewed (if it is not already in the government’s database), prepare and sign your PSLF form, and request certification and signature from your employer.

You can log in to StudentAid.gov any time to track your PSLF progress. Keep in mind that you’ll need to certify your employment every year and any time you change employers.

Income-Driven Repayment Plans and Loan Forgiveness

If you don’t qualify for PSLF, you may find that an income-driven repayment plan helps reduce student loan payments so they fit more easily into your budget.

With an income-driven repayment (IDR) plan, you make regular payments based on your income and family size for 20 or 25 years. Payments could even be $0 if you’re currently unemployed or earn less than 150% or 225% of the poverty threshold, depending on the plan you choose.

Whatever balance is left at the end of the repayment term is forgiven.

Loan Forgiveness Options Available Through Income-Driven Plans

The following income-driven repayment plans may be eligible for forgiveness:

• Saving on a Valuable Education (SAVE), which replaced the REPAYE plan

• Income-Based Repayment (IBR)

• Pay As You Earn (PAYE)

• Income-Contingent Repayment (ICR)

All income-driven repayment plans share some similarities: Each caps payments to between 10% and 20% of your discretionary income and forgives your remaining loan balance after 20 or 25 years of payments. (With the SAVE Plan, those with undergraduate loans will see payments decreased from 10% of discretionary income to 5% starting July 2024.)

The plans also have some distinct differences, so before enrolling in any income-driven plan, you’ll want to plug your loan information into Federal Student Aid’s Loan Simulator. This will give a good idea of your monthly bills, overall costs, and forgiveness amounts under each plan.

Payments under every IDR plan count toward PSLF. If you’ll qualify for this program, choosing the plan that offers you the smallest payment is likely your best bet.

Steps to Enroll in an Income-Driven Repayment Plan

You can apply for an IDR plan online at the government’s IDR request page. You’ll need:

• A verified FSA ID

• Your income information

• Your personal information (address, email, etc)

• Your spouse’s information (if applicable)

Once you log in online, you can click “I want to enter an income-driven plan.” The application process is quick and easy and should take about 10 minutes. You can save and continue the application later, so you don’t need to finish it in a single session.

Federal Perkins Loan Cancellation for Firefighters

A Perkins Loan is a type of subsidized federal student loan based on financial need. The Perkins Loan Program ended in 2017. However, people who received a Perkins Loan are still required to pay those loans and are eligible for the benefits of the Perkins Loan Program.

As a firefighter, you may be eligible to have up to 100% of your loan balance canceled in the following increments:

• 15% per year for the first and second years of service

• 20% for the third and fourth years

• 30% for the fifth year

Eligibility Requirements for Firefighters

To be eligible for Perkins Loan cancellation, you need to be:

A firefighter with five years of full-time service employed by a federal, state, or local firefighting agency to extinguish destructive fires or provide firefighting-related services that began on or after Aug. 14, 2008.

Process to Apply for Perkins Loan Cancellation

You can apply for Perkins Loan forgiveness by contacting the school that issued the loan. The financial aid office or billing office should be able to provide the necessary paperwork.

The college will process your completed application. You will need to provide them with proof that you work for a qualifying employer as a full-time firefighter to be eligible for Perkins Loan forgiveness.

If approved, you’ll get your Perkins Loan balance, plus the interest on the loan, forgiven in five stages, provided you remain employed as a full-time firefighter.

While you are enrolled in the Perkins Loan forgiveness program, you don’t have to make monthly loan payments. If you stop working for a qualified employer as a full-time firefighter, however, loan payments will resume right away.

Loan Consolidation for Firefighters

If you have multiple federal student loans and want to simplify repayment, you might consider federal loan consolidation. If you have FFEL, Perkins, or parent PLUS loans, you will need to consolidate to be eligible for income-driven repayment, public service loan forgiveness. or other relief programs.

When you consolidate federal loans, the government pays them off and replaces them with a Direct Consolidation Loan. Your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next one-eighth of 1%. Your new loan term could range from 10 to 30 years, depending on your total student loan balance.

You can access the direct consolidation loan application at StudentAid.gov. You’ll need to finish the application in one session, so you’ll want to gather the documents listed in the “What do I need?” section before you start, and set aside about 30 minutes to fill it out.

During the application process, you’ll get the opportunity to choose a repayment plan. You can either get a repayment timeline based on your loan balance or pick one that ties payments to income. If you pick an IDR plan, you’ll need to next fill out an IDR plan request.

Loan Refinance for Firefighters

If you have higher-interest federal or private student loans, you may be able to refinance your debt with another lender to get a lower interest rate, lower monthly payments, or both. Be cautious about extending your loan term to get lower payments, however. Longer loan terms could mean you’ll pay more interest over time.

Refinancing involves taking out a new loan with a private lender and using it to pay off your existing student loans. While your credit rating doesn’t matter when you take out a federally-backed student loan or consolidate federal student loans, you’ll need a solid credit score and record of stable employment to qualify to refinance a student loan with a new lender. Generally, borrowers with excellent credit get lower interest rates and better loan terms.

You can often shop around and “browse rates” without any impact to your credit scores (prequalifying typically involves a soft credit check). Just keep in mind that refinancing federal loans with a private lender means losing access to government protections like IDR plans and student loan forgiveness programs.

💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

Take control of your student loans.
Ditch student loan debt for good.

The Takeaway

As a full-time or volunteer firefighter, the return to repayment of federal student loans after a nearly three-and-a-half-year pause may be putting a significant strain on your budget. We want to help you figure out your best plan of attack on debt. Some options that may be able to help ease the burden of repayment for firefighters include PSLF, IDR plans, consolidating, and refinancing.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOSL1223011

How to Pick Stocks: Essential Steps for Investors

Step 1: Define Your Investment Goals

Understanding Your Financial Objectives

Identifying Your Investor Profile

Step 2: Learn the Art of Diversification

The Role of Diversification in Risk Management

Techniques for Effective Portfolio Diversification

Step 3: Research and Select Potential Stocks

Conducting Company Research

Step 4: Analyze Stock Value and Performance

Assessing Financial Health and Earnings

Step 5: Learn Risk Management in Stock Picking

Balancing Risk and Potential Returns

Strategy for Long-Term vs Short-Term Investments

Step 6: Utilize Tools for Effective Stock Selection

Navigating Stock Screeners and Tools

Keeping Up-to-Date with Market Trends

Step 7: Seek Answers to Your Stock-Picking Questions

The Takeaway

FAQ

What is the best formula for picking stocks?

How does Warren Buffett pick a stock?

How do you know if a stock is good?

The Savvy Investor’s Guide: Top 10 Ways to Aim to Build Your $1,000

1. Dive Into the Stock Market With Index Funds

Why S&P 500 Index Funds Make Sense

The Long-Term Benefits of Market Matching

2. Embrace Diversification With ETFs

How ETFs Offer Accessibility to Beginners

Comparing Popular ETF Options

3. Bet on Yourself: Invest in Personal Development

Education as an Investment

4. Secure Your Future With Retirement Funds

The Advantage of IRAs

The Magic of 401(k) Matches

5. Step Into Tech With Robo-Advisors

Simplifying Investments With Technology

6. Pay Down High-Interest Debts

7. Create a Safety Net With High-Yield Savings Accounts

Finding the Best High-Yield Accounts

8. Explore Passive Income Opportunities

Getting Started With Passive Ventures

Low-Investment Ideas for Passive Earnings

9. Invest in Your Child’s Education with a 529 Plan

The Basics of 529 Plans

Long-Term Benefits for Your Family

10. Consider Safe Bonds and T-Bills

The Stability of Government Bonds

Making Your Investment Work Harder

When to Pivot Your Investment Strategy

No Prepayment Penalty: Avoid Prepayment Penalties

What Is a Prepayment Penalty?

Can You Pay Off a Loan Early?

Differences in Prepayment Penalties

Personal Loan Prepayment Penalty

Mortgage Prepayment Penalty

Checking for a Prepayment Clause

How Are Prepayment Penalties Calculated?

Avoiding a Prepayment Penalty

Awarded Best Online Personal Loan by NerdWallet. Apply Online, Same Day Funding

The Takeaway

When Should You Make Big Purchases?

Televisions

Laptops

Outdoor Furniture

Mattresses

Furniture

Engagement Rings

Household Appliances

Fitness Equipment

Cars

The Takeaway

Student Loan Forgiveness for Firefighters

Understanding Student Loan Forgiveness for Firefighters

Public Service Loan Forgiveness for Firefighters

Qualifying Criteria for Firefighters Under This Program

Steps to Apply and Track Progress for Loan Forgiveness

Income-Driven Repayment Plans and Loan Forgiveness

Loan Forgiveness Options Available Through Income-Driven Plans

Steps to Enroll in an Income-Driven Repayment Plan

Awarded Best Online Personal Loan by NerdWallet.
Apply Online, Same Day Funding

Take control of your student loans.
Ditch student loan debt for good.

Student Loan
Refinancing

Personal
Loans

Online
Investments