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Reviews

Review of VirtualBank CD Rates and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1887
Total Assets$30.0B
LEARN MORE on Virtual Bank’s secure websiteMember FDIC
VirtualBank has been a division of IBERIABANK since July 31, 2017 when it was sold by Banco de Sabadell. IBERIABANK was founded in 1887 in New Iberia, La., and has a presence across the southeastern U.S. VirtualBank is an online-only bank. Internet banks are growing in popularity as their low overhead costs allow them to offer higher rates and lower fees to consumers than traditional brick-and-mortar institutions.

Although VirtualBank’s rates are higher than those offered by traditional brick-and-mortar banks, we found they don’t stack up against better offerings from other online banks. Not only are their rates lackluster but they they also make it harder to get the best deals by requiring higher minimum opening deposits and average daily balances in order to obtain their highest rates.

This VirtualBank review will cover their eCD, eMoney Market and Jumbo eMoney Market accounts, including features, interest rates, and which accounts may be the best option for you.
Virtual Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.80%

Savings

Virtual Bank eMoneyMarket

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.75%

CD Rates

Virtual Bank 12 Month eCD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.01%

CD Rates

Virtual Bank 36 Month eCD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.05%

CD Rates

Virtual Bank 60 Month eCD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

VirtualBank CD rates

VirtualBank offers guaranteed returns on their CDs, but you’ll need at least a $10,000 minimum deposit in order to open one.

Term

APY

1 Month

0.15%

2 Month

0.15%

3 Month

1.77%

6 Month

2.21%

9 Month

2.18%

12 Month

2.75%

18 Month

1.57%

24 Month

2.96%

36 Month

3.01%

48 Month

1.79%

60 Month

3.05%

  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty:
    • Penalty depends on the terms of CD
    • Longer terms have higher penalty interest rates

VirtualBank’s eCD is a more traditional CD that features a fixed term and interest rate until maturity. The CD term can be as short as one month or as long as 60 months, with varying APYs. To get the highest rate, you’ll need a minimum opening deposit of $10,000.

The eCD has an early withdrawal penalty, which is typical of CDs. The penalty depends on the terms of your CD, but usually longer terms have higher penalty interest rates. If you withdraw money from your eCD before the CD matures, you will lose the interest earned for the amount withdrawn.

CDs are similar to a savings account, but offer higher, fixed rates of return in exchange for a fixed investment term. These are generally a good option for investors who are looking for a relatively short-term way to grow their money with a guaranteed rate of return over a specified time period, and VirtualBank eCDs are no different.

How to get VirtualBank’s CDs

If you want to open a CD with VirtualBank, you will need to apply through the VirtualBank site or download the PDF application. You will need to provide basic details about yourself (name, address, phone number etc.) as well as details about the CD you would like to open, including the term and the minimum deposit.

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

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How VirtualBank’s CD rates compare

VirtualBank offers relatively high CD rates compared with other best CD options.

The biggest downside to VirtualBank’s eCDs is the $10,000 minimum deposit to open. Many other banks offer CDs with competitive interest rates and lower minimum opening deposits. If you have less than $10,000 to invest in a CD, it makes sense to look into these other CD options instead.

VirtualBank’s money market account options

VirtualBank offers two different money market accounts: the eMoney Market and the Jumbo eMoney Market. Each account has different requirements and benefits. Read on to find out more.

eMoney Market account

VirtualBank’s eMoney Market account offers a decent APY, but you can only withdraw or transfer from the account a maximum of six times per month.

APY

Minimum Balance Amount

2.01%

Any (1 year guarantee new money promo)

0.80%

Any

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35

VirtualBank’s money market account rate isn’t as high as you can get — there are other money market accounts that offer rates as high as 3% APY.

Even so, this account isn’t the worst option and could still be a good fit depending on your needs. It offers a constant APY regardless of how much money you deposited in the account, however, you will need to deposit a minimum of $100 to open. You will also need to have a minimum daily balance of $100 in order for the eMoney Market’s $5 account maintenance fee to be waived.

A money market account is a good option for someone who doesn’t need to withdraw from the account more than six times per month. That’s because you’ll be charged an excessive withdrawal fee of $15 after six transactions per month. If you regularly withdraw from your account or transfer more than six times per month, your account could be converted to a checking account or closed.

While VirtualBank doesn’t offer the highest rates available for their eMoney Market account, they don’t require a high minimum deposit to earn the highest available rate for this account. In fact, no matter how much you have deposited, you’ll earn the same APY. You do have to keep a minimum daily balance to avoid the monthly fee, but it’s a pretty low requirement.

This account does not come with an ATM card, so if you want ATM access you will need to first transfer money from your eMoney Market account to an account that does have ATM access (and remember, you are limited to six transactions per month). Also, be careful when withdrawing from your this account because you will be charged a $35 overdraft fee if your balance goes below zero.

How to get VirtualBank’s eMoney Market account

If you want to apply for VirtualBank’s eMoney Market account, you’ll need to head over to the website. The application will require your personal information, minimum opening deposit and funding source.

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

Jumbo eMoney Market account

VirtualBank’s Jumbo eMoney Market account offers a higher APY than their eMoney Market account, but you’ll need to deposit a lot of cash to get that rate.

APY

Minimum Balance Amount

0.25%

$.01 - $249,999.99

0.90%

$250,000 or more

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $5
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35

If you’re going to park a big chunk of cash into a money market account, you can probably do better than VirtualBank’s Jumbo eMoney Market account. There are other accounts that offer higher APYs without such a high minimum balance requirement. VirtualBank only requires a minimum opening balance of $100 for their Jumbo eMoney Market account, but you’ll need to have at least $250,000 in the account in order to qualify for the higher 0.90% APY.

If you plan to have less than $250,000 in your money market account, the eMoney Market will give you a higher APY than their Jumbo eMoney Market account.

Additionally, VirtualBank has a $5 monthly account maintenance fee, which is waived if you have a $100 minimum daily balance.

Remember that a money market account is a good option only if you won’t need frequent access to your funds. You’re only allowed to withdraw or transfer from a money market account six times per month.  Anything over that and you’ll be charged an excessive withdrawal fee of $15 per additional transaction. If you regularly withdraw from your account more than six times per month, your account could be converted to a checking account or closed.

This account also does not come with an ATM card, so if you want ATM access you will need to first transfer money from your Jumbo eMoney Market account to an account that does have ATM access (and remember, you are limited to six transactions per month). Also, be careful when withdrawing from your the account because you will be charged a $35 overdraft fee if your balance goes below zero.

How to get VirtualBank’s Jumbo eMoney Market account

If you want to apply for this account, you’ll need to head over to the website. The application will require your personal information, minimum opening deposit, and funding source.

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

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How VirtualBank’s money market accounts compare

VirtualBank’s money market accounts are okay, but they’re not stellar. There are other money market accounts out there offering higher rates with lower requirements to meet. Even if you have enough to qualify for the Jumbo eMoney Market account’s highest rate, you can still find higher APYs elsewhere.

Overall review of VirtualBank’s banking products

Overall, VirtualBank offers okay banking products. Regardless of the product, there are better options offered by other banks that offer higher APYs for less requirements.

That’s not to say you should rush to close your VirtualBank account if you already have one open, but it’s definitely worth shopping around to see if there are options that will work better for you.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Advertiser Disclosure

Personal Loans

Personal Loans in Roanoke, Virginia

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Company
APR Range
Minimum Credit Requirement
Terms
Fees
Freedom First Credit Union

4.50%

None

Not Available

Origination fee

No fees

Apply Now Secured

on Freedom First Credit Union’s secure website

Roanoke Valley Community Credit Union

3.50% - 18.00%

Subject to credit approval

24 to 60

months

Origination fee

No fees

Apply Now Secured

on Roanoke Valley Community Credit Union’s secure website

HomeTown Bank

11.00%

Varies

36

months

Origination fee

No fees

Apply Now Secured

on HomeTown Bank’s secure website

Member One FCU

8.24% - 17.99%

Rates vary based on creditworthiness

60

months

Origination fee

No fees

Apply Now Secured

on Member One FCU ’s secure website

LendingTree

5.99% - 35.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Disclaimer

Freedom First Credit Union

Freedom First Credit Union provides a wide range of services with branch locations in Roanoke and New River Valleys. In order to become a member of Freedom First, you’ll need to live, work, worship, go to school, or own a business in one of the nine cities and counties that they have a footprint in. You are also eligible if you are part of an association in seven of these same areas (Montgomery County and the city of Radford do not apply), or have a family member who is already a member of the credit union. You must open a savings account with a minimum balance of $5 in order to join.

Roanoke Valley Community Credit Union

Roanoke Valley Community Credit Union was started in 1947 by a group of local teachers, under the name Roanoke City Teachers Credit Union. Since then, they’ve added more school systems and merged with the Roanoke County School Employees FCU and the Roanoke Virginia Firemen’s FCU. In order to join Roanoke Valley Community Credit Union, you need to live, work, go to school or worship in Roanoke City/County, Salem, Vinton, or Botetourt County and deposit at least $5 into a savings account.

HomeTown Bank

HomeTown Bank was founded in 2005 and now has six branches in Roanoke, Salem, Smith Mountain Lake and New River Valley. HomeTown Bank offers personal banking, business banking, private banking, investments, and mortgages. They offer both secured and unsecured lines of credit and personal loans. The nice thing about their offerings is that they offer a fixed APR for their loans. However, you’ll likely need good credit in order to qualify for their loan, especially if you do not have a previous relationship with the bank.

Member One Federal Credit Union

Member One FCU has 14 branches in Roanoke Valley, Lynchburg, New River Valley, and Franklin County. In order to become a member, you must live, work, worship, or attend school in a select number of counties, be employed by or retired from a large number of different area companies, or be a relative of an existing member of Member One FCU.

LendingTree

LendingTree, the parent company of MagnifyMoney, is an online loan-comparison marketplace. It does not issue loans directly but, rather, helps borrowers compare offers from multiple lenders online. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative affect your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

How to compare and shop for personal loans online

Shopping online for a personal loan gives you the ability to quickly find available lenders in your community, compare their rates and terms with those of national and online lenders to get the best loan in the shortest amount of time, and make the best decision about what’s right for you.

When you’re applying for a loan, you’ll need to provide the lender with your basic personal information — name, address, birth date, Social Security number, contact information, etc. — as well as information about your income and its sources and a description of your assets and liabilities. If you have a co-borrower or cosigner, that person will need to provide this information too.

You’ll also be required to answer questions to help the bank evaluate your financial situation, such as whether you have a bankruptcy or foreclosure in the past seven years, whether you have any outstanding lawsuits or judgments against you and whether you have ongoing financial obligations, like alimony or child support. Keep in mind that some of this information is available on your credit report, so it’s best to be honest.

Lenders will ask whether you are on active duty with the armed forces or the dependent of an active duty member (special legal protections apply in this case). Federal law also requires lenders to ask demographic questions about race, ethnicity and sex, though these questions are optional.

Along with your application, you may be asked to provide supporting documentation for the information you have provided, like pay stubs or tax returns; if you are using property as collateral for a secured loan (such as a house or vehicle), you’ll also be asked to provide documentation of the value of the collateral, as well as proof of insurance.

Once you submit your application, a loan officer will review your information, contact you for any additional documents required and give you the details of what they can offer you.

Depending on the lender, you may be able to complete an application online and upload supporting documents, or you may have to print out an application and mail it in or deliver it to a branch.

Once you have received several offers from lenders, you’ll want to compare the interest rate, terms, and fees — typically, longer repayment terms means lower monthly payments but a higher overall cost, so you’ll need to decide what best fits your needs.

How you receive money will depend on the lender providing the funds – if you have a bank account with the lending institution, you’ll likely have the option to have funds deposited directly into your account; otherwise, you can expect to receive a cashier’s check or an electronic funds transfer into your account at another financial institution. This varies by institution.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Personal Loans in Chicago, Illinois

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Business man with coins in handbank
Company
APR Range
Minimum Credit Requirement
Terms
Fees
Parkway Bank & Trust

2.50%

Varies

Not Available

Origination fee

Possible origination fee

Apply Now Secured

on Parkway Bank & Trust’s secure website

Illinois Lending Corporation

99.00%

No requirement

9

months

Origination fee

No fees other than returned payment fee of $25

Apply Now Secured

on Illinois Lending Corporation’s secure website

Amalgamated Bank of Chicago

5.00% - 7.00%

None

24 to 60

months

Origination fee

$35 credit report fee, any fees depending on the collateral used for secured loans

Apply Now Secured

on Amalgamated Bank Of Chicago’s secure website

U.S. Employees Credit Union

9.40%

Varies

60

months

Origination fee

None

Apply Now Secured

on U.S. Employees Credit Union’s secure website

LendingTree

5.99% - 35.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Disclaimer

Parkway Bank & Trust

Parkway Bank & Trust was first opened in 1964 and has now expanded to 32 branches across both Illinois and Arizona. They offer a few standout services like Kasasa, which includes free checking and savings as well as ATM refunds, customized lending to help you reach your goals, time-saving account management tools and a variety of educational resources available to all customers. Parkway Bank & Trust offers personal loans to cover a wide variety of needs including family vacation, education expenses, personal projects and start-ups, debt consolidation, taxes, emergency fund and more.

Illinois Lending Corporation

Illinois Lending Corporation started with the mission to meet the needs of the borrowing community with access to fairly priced, easy to obtain installment loans. They have high APRs compared with traditional lenders, but they may be a better alternative to very high cost short-term borrowing options like a payday loan. Definitely get quotes from other banks in case you are able to secure a better rate elsewhere.

Illinois Lending Corp currently has six locations in the greater Chicago area. It’s possible to get a loan with Illinois Lending Corporation if you’re not a resident of Illinois, but you’ll still have to come into a branch to apply. Illinois Lending Corporation offers both Checkbook Loans and Installment Loans. Checkbook Loans are offered for nine months and payments are automatically withdrawn from your checking account every pay period. ILC’s Installment Loans are also nine-month loans where payments are deducted every pay period from your paycheck.

Amalgamated Bank of Chicago

Amalgamated Bank of Chicago has been around for nearly 100 years and they meet a wide variety of personal and business banking needs including loans, checking and savings accounts, credit cards, cash management and trust services. The Amalgamated Bank of Chicago was originally founded as the Amalgamated Clothing Workers Union, and still has a significant union ownership. The bank offers home equity lines of credit and automobile loans in addition to secured personal loans.

U.S. Employees Credit Union

The U.S. Employees Credit Union was founded in 1953 and currently has three branches in the Chicago area. Those that choose to bank with U.S. Employees Credit Union also have access to tens of thousands of surcharge-free ATMs. Being a credit union, you do have to be a member of USECU if you want to do business with them. In order to join, you must be an employee or retiree of the U.S. federal government or be an immediate family member of a government employee who is an existing member of USECU. USECU offers home equity loans, flex lines of credit and credit rebuilder loans.

LendingTree

LendingTree is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Shopping for personal loans online

If you are looking for a loan, there’s a good chance that it will be easier and faster for you to shop for a loan online rather than shopping around at brick-and-mortar banks.

Shopping online for loans gives consumers the ability to find available lenders in their community, and quickly compare rates and terms to find the best loan.
You might be wondering where to start. There are a few well-established loan marketplaces to consider looking first. For example, LendingTree helps match borrowers with options for a variety of different products including personal loans, home mortgages, business loans and auto loans.

Your needs will determine where you should go to shop for an online loan. Firstly though, you should be aware of any fees associated with your loan options. There can be a 0.5%-8% origination fee for processing a new loan application. This is based on the total amount of the loan. Average origination fees are between 0.5% and 1%. You can compare origination fees for personal loans through MagnifyMoney’s personal loan marketplace.

You should also keep in mind that your FICO score will likely determine your interest rate. Many lenders will do a soft pull of your credit score in order to estimate your loan terms based on just a few pieces of personal information. Asking for quotes is a great way to compare rates between multiple lenders.

Once you have your loan, you’ll have a fixed time period to repay it. Sometimes, you can pay your loan off early and save yourself some interest, but some lenders have prepayment penalties too, so if this is something you think you might want to do, you should make sure you won’t be penalized!

Once you have decided on your loan and know about fees and rates, you can submit your application with your supporting documents. When your loan is approved, you can expect to receive funds either by a cashier’s check or direct deposit into your bank account. This varies by institution, and should be outlined in your contract.

The bottom line: Using online marketplaces to compare and contrast different lenders is a fast and convenient way to make the best decision for your financial needs.

Disclaimer: This article may contain links to MagnifyMoney, which is a subsidiary of LendingTree.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Personal Loans in Nashville, Tennessee

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Company
APR range
Minimum credit requirements
Terms
Fees
Citizens Savings & Loan Corporation

15.00% - 50.00%

No required score — income

7 to 60

months

Origination fee

Late fee after 10 days

Apply Now Secured

on Citizens Savings & Loan Corporation’s secure website

US Community Credit Union

9.95% - 30.00%

Credit score and history of payments used to determine rate

48

months

Origination fee

No fees

Apply Now Secured

on US Community Credit Union’s secure website

First Tennessee Bank

5.00%

No requirement

72

months

Origination fee

1% origination fee

Apply Now Secured

on First Tennessee Bank’s secure website

The Tennessee Credit Union

4.75% - 18.00%

Credit score and history of payments used to determine rate

48

months

Origination fee

No fees

Apply Now Secured

on The Tennessee Credit Union’s secure website

LendingTree

5.99% - 35.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Disclaimer

LendingTree is not a lender, but is a marketplace for personal loans where you can compare loan offers from multiple lenders.

Citizens Savings & Loan Corporation

Citizens Savings & Loan Corporation began in 1917 and is one of Tennessee’s oldest consumer finance companies. Though the company does not have locations in Nashville proper, it has offices outside the city and in eastern and central Tennessee as well as north Georgia. Citizens primarily makes secured and unsecured loans to people with less than perfect credit or collateral for personal, family and household purposes. Often, Citizens customers can have cash in hand within hours of submitting their loan application.

US Community Credit Union

US Community Credit Union was founded in 1949 by 11 Veterans Affairs hospital employees and continues to be a member-owned, not-for-profit cooperative to this day. US Community Credit Union is open to anyone who lives, works, worships or attends school in Davidson, Rutherford, Sumner, Williamson or Wilson counties. Family members of any current US Community Credit Union members are also eligible to join. US Community Credit Union offers unsecured personal loans, debt consolidation loans and secured personal loans.

First Tennessee Bank

First Tennessee Bank got its start in Memphis in 1864. It offers personal loans with flexible terms and competitive rates based on the collateral you use against your loan. Personal loans through First Tennessee Bank can be used for a new car, boat, household items and more. First Tennessee Bank has 15 locations in Nashville and more across the state of Tennessee.

The Tennessee Credit Union

The Tennessee Credit Union was founded in 1950 by a small group of volunteers who were committed to provide members with the tools they needed to make sound personal finance decisions. Today, TTCU is still a not-for-profit institution that is run by members. TTCU has 10 branches across middle and eastern Tennessee. Since TTCU is a credit union, you’ll have to qualify to join. Either you or a family member must live in Williamson or Hamblen counties, or be employed by an educational entity in Tennessee, have a family member that is a TTCU member, or be working toward a degree in Tennessee. You must not have an active membership with another credit union within the state. TTCU offers personal loans to buy a car or recreational vehicle, debt consolidation or to pay for such things as weddings, adoptions, medical procedures and more.

LendingTree

LendingTree, the parent company of MagnifyMoney, is an online loan comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Shopping for personal loans online

A personal loan can help you get the funds you need to take an extra family vacation, pay for your wedding, consolidate credit card debt or a number of other planned or unplanned expenses.

Before you apply for a loan, note that your credit score is very important. The lender that you are borrowing from will look up your score and use that information to determine how much money they are willing to lend you and at what interest rate. Often, your employment status and income will also be considered.

Before you decide who you want to borrow from, you’ll want to do some research because lenders vary widely.

You can easily compare loans online with loan marketplaces like MagnifyMoney’s.

Here are a few tips to make your search for a personal loan go a little more smoothly.

Watch out for fees. Different lenders have different types of fees that they may or may not charge. There could be an origination fee, which is the upfront fee charged for processing your application, and even prepayment penalties if you decide to pay off your loan early. You don’t want to get hit by those if you don’t have to!

Look into loan limits. Not all lenders are willing to lend the same amount, so make sure that you’re able to borrow what you need. You’ll also want to consider the loan terms so you can dial in your monthly payment for a set number of months and stick to it (or pay it off early if you don’t have a prepayment penalty to worry about).

Compare rates. In addition to your loan limits, your credit score will largely determine your loan rate. You can check your rate ahead of time with a soft pull prequalification form, like the one at LendingTree. Many personal loans have a fixed rate, which won’t vary from month to month. Some loans, however, have a variable rate.

To begin the comparison process, you can go online and enter information such as the amount you want to borrow, the reason for the loan, some personal information and your estimated credit score. From there, lenders will look at that information, and determine the details of your loan. At that point, you’ll be preapproved for your loan and you can continue the loan process directly with the lender.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Personal Loans in Asheville, N.C.

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Company
APR Range
Minimum credit requirements
Terms
Fees
Heritage Finance Company, Inc.

30.00%

APR based on credit

48

months

Origination fee

Variable processing fee depending on amount of loan.

Apply Now Secured

on Heritage Finance Company, Inc.’s secure website

HomeTrust Bank

9.25% - 14.00%

Credit determines rate

48

months

Origination fee

$50 processing fee

Apply Now Secured

on HomeTrust Bank’s secure website

Premier Federal Credit Union

8.75% - 18.00%

No requirement

120

months

Origination fee

No prepayment fees

Apply Now Secured

on Premier Federal Credit Union’s secure website

Arcade Credit Union

2.99% - 16.00%

Rates and terms are based on evaluation of credit

60

months

Origination fee

Varies

Apply Now Secured

on Arcade Credit Union’s secure website

LendingTree

5.99% - 35.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Disclaimer

Heritage Finance Company, Inc.

Heritage Finance Company, Inc. is a small financial institution with four locations, in Asheville, Marion, Fletcher and Burnsville, N.C. Heritage offers small loans, starter loans, auto loans and personal loans. It’s possible to apply for a loan online.

HomeTrust Bank

HomeTrust Bank, founded in 1926 and headquartered in Asheville, has locations in North Carolina, Tennessee, South Carolina, and Virginia. They are able to help with a wide range of financial needs including personal loans, car loans, mortgages, business loans and more. As of Mar. 31, 2018, HomeTrust Bank was ranked among the country’s 400 top banks with $3.3 billion in cash assets.

Premier Federal Credit Union

Premier Federal Credit Union is a North Carolina credit union that was founded in 1963. They have seven branches in North Carolina and one in South Carolina. In order to become a member, a person will have to meet employer, immediate family, common household or community requirements, and fill out an application to join. You can also join if you are a member of the North Carolina Consumers Council (NCCC). Membership to the NCCC is $20 for the first year and $15 per year thereafter. Even if you decide not to renew your membership with the NCCC, you can remain a member of the Premier Federal Credit Union. Premier Federal Credit Union offers APR discounts of up to 0.75% for meeting certain conditions like being a Premier FCU member for more than five years, or having multiple loans with Premier FCU, among other conditions.

Arcade Credit Union

Arcade Credit Union is a not-for-profit institution that was founded in 1952 and serves employees and retirees of the Federal Building and the Federal Courthouse Building. Immediate family members of those who are employees of the Federal Building and the Federal Courthouse Building are also eligible to be members, as are employees and family members of those working for a number of other companies in the area. Arcade Credit Union has only one location in Asheville.

LendingTree

LendingTree, which is the parent company of MagnifyMoney, is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative affect your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Why you should personal loans online

If you are looking for a loan, it can be more convenient to shop for a loan online compared with shopping around at brick-and-mortar banks.

Shopping online for a personal loan gives consumers the ability to quickly find available lenders in their community, compare rates and terms and find the best loan in the shortest amount of time.

So, where should you begin? There are a few well-established marketplaces online that are good places to start. For example, LendingTree helps match borrowers with options for a variety of different products including home mortgages, personal loans, auto loans and business loans.

Your specific needs will determine where you go to shop for an online loan, but there are a few things that you should consider when doing so. First of all, consumers need to be aware that there can be an origination fee for processing a new loan application. These fees average between 0.5%-1% of the total loan value but can potentially reach up to 8%. You can compare origination fees for personal loans through MagnifyMoney’s personal loan marketplace.

You will also need to keep in mind that interest rates often follow your FICO score. Many lenders offer soft pull quotes, where they’ll give you an estimate of your loan terms based on a few pieces of personal info. Asking for quotes is a risk-free way to compare rates among multiple lenders.

Once you’ve got your loan, you’ll have a fixed period of time to repay it. But you can pay it off more quickly by making more than your minimum required payment. Just beware prepayment penalties lenders might hit you with for paying a loan offer early. Not all loans have prepayment fees, so this is definitely something that is worth comparing before settling on a loan.

Once you have decided on the type of loan you need and have made yourself aware of the fees and rates that apply to the loan, you may submit an application along with supporting documents. When the loan is approved, you can expect to receive funds either by a cashier’s check or direct deposit into your bank account. This varies by institution, and should be outlined in your contract.

The bottom line: Using online marketplaces to compare and contrast different lenders is a convenient and easy way make the best decision for your financial needs.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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Get A Pre-Approved Personal Loan

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Won’t impact your credit score

Advertiser Disclosure

Personal Loans

Personal Loans in Indianapolis, Indiana

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Company
APR Range
Minimum Credit Requirement
Terms
Fees
Financial Center First Credit Union

9.99%

None

60

months

Origination fee

0.00%

Apply Now Secured

on Financial Center First Credit Union’s secure website

FORUM Credit Union

7.74% - 12.24%

Varies

65

months

Origination fee

0.00%

Apply Now Secured

on FORUM Credit Union’s secure website

Indiana Members Credit Union

4.45%

Varies

Not Available

Origination fee

0.00% - 3.00%

Apply Now Secured

on Indiana Members Credit Union’s secure website

Harvester Financial Credit Union

7.50% - 15.00%

Varies

12 to 60

months

Origination fee

No fees

Apply Now Secured

on Harvester Financial Credit Union’s secure website

LendingTree

5.99% - 35.99%

Minimum 500 FICO

24 to 60

months

Origination fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Disclaimer

Financial Center First Credit Union

Financial Center First Credit Union was founded in 1953 and currently has over 60,000 members. They offer over 25 financial seminars annually and are a member-owned, not-for-profit financial institution. In order to become a member, you must live or work in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Morgan, Putnam, or Shelby counties. Anyone who works or belongs to an approved Select Employee Group or has a family member that is already part of FCFCU is also eligible to become a member.

FORUM Credit Union

FORUM Credit Union was formed in 1941 by the employees of Indiana Bell Telephone Company. Now, FORUM has multiple branches in the Indianapolis area, access to over 5,000 branches nationwide, and more than 4,800 surcharge-free ATMs. FORUM members have access to a variety of discounts, free benefits and services. FORUM also offers a refer-a-friend program where members are rewarded with a $10 gift card for referring friends (the person who joins is also given a $10 gift card).

Indiana Members Credit Union

Indiana Members Credit Union began in 1956 and was founded by a group of employees at the Indiana University Medical Center. Being a credit union, IMCU is a not-for-profit institution that is member-owned and operated. IMCU has 25 branches across Indiana as well as a number of surcharge-free ATMs all over the country. If you want to bank with IMCU, you’ll first need to become a member, but it’s possible to apply for membership online.

Harvester Financial Credit Union

Harvester Financial Credit Union was chartered in 1954 under the sponsorship of International Harvester and operates out of Marion, with other branch locations in Indianapolis and Shelbyville. Anyone who lives or works in Marion or Shelby Country (with the exclusion of Pike Township) is eligible to become a member. Family members of Harvester FCU members are also eligible to join. You must also be a U.S. citizen or resident alien in order to join.

LendingTree

LendingTree, the parent company of MagnifyMoney, is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative effect on your credit.

SEE OFFERS Secured

on LendingTree’s secure website

LendingTree is our parent company

Shopping for personal loans online

A personal loan can help you get the funds you need to pay off credit cards, fix up your home, fund your wedding or any number of other expenses.

When you apply for a loan, know that your credit score will be critical. The lender will use those three digits to determine the interest rate you’ll get on your loan and how much money you’re eligible to borrow. They’ll also consider your income and employment status in most cases.

When it comes time to choose your lender, choose wisely. Lenders vary widely.

You can compare loans online easily with loan marketplaces like MagnifyMoney’s.

Watch out for fees. You should also take a deep dive into the fees that go along with different loan options. You’ll want to know how if there is an origination fee, (the upfront fee a lender may charge for processing your application). It is typically a percentage of the total loan and subtracted from your total loan amount.

You should also consider prepayment penalties, which some lenders charge if you pay a loan before your term ends.

Look into loan limits. Be sure the lender you are eyeing offers the amount you need. The loan terms are another key factor. Ideally, how much time would you like to pay back the money? Make sure a lender has loans with that time frame.

Compare rates. Take advantage of options to check your rate with a soft pull pre-qualification form, like at LendingTree. Most personal loans have a fixed rate. With a fixed rate, your monthly payment stays the same because the interest rate does not change. You know what to expect and can plan accordingly.

To begin the comparison process, you can go online and enter key information, like how much money you want, for what purpose, your address, type of residence, an estimate of your credit score, birthdate, employment status, income, whether you want a co-borrower, email address and phone number.

Next, the lender will look at all the information and determine how much they can give you, at what interest rate and for how long. When you pass the first hurdle and are preapproved you’ll complete the loan process directly with the lender.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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News

1 Million People Could Be Missing Out on Their Tax Refund

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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An estimated 1 million taxpayers are leaving $1 billion worth of tax refunds on the table — and they only have a few weeks left to claim them.

The unpaid refunds have been collecting dust in the U.S. Treasury since 2014. These taxpayers didn’t file their 2014 taxes, the IRS says, and in order to get the refunds, they have to file by April 17 or miss out on the cash.

This isn’t a few bucks we’re talking about either. The median unclaimed refund is worth $847.

You only have three years to claim unpaid tax refunds, which is why these taxpayers only have until April to collect. Although it’s true that you’ll get slapped with a penalty for filing taxes late, that isn’t the case for people expecting a refund. There is no tax penalty for filing late when you are due a refund, acting IRS Commissioner David Kautter said in a statement Thursday.

The state with the highest rate of unclaimed tax refunds is Texas. The IRS estimates some 108,100 taxpayers in the state have an unclaimed tax refund with a median value of $899. Wyoming and North Dakota are among the states with the fewest number of taxpayers who are missing out on a 2014 refund; however, these taxpayers have the most money to lose — a median refund of $973 and $952, respectively.

Why would anyone leave their refunds unclaimed?

A common misconception is that filing taxes is expensive, even for low earners. In reality, there are several programs that allow you to file taxes for free if your income is under $66,000.

Plenty of taxpayers, especially students or low-wage earners, may not consider filing their taxes because they don’t think they earn enough income to make it worth their while.

Even so, these workers often do pay federal and state taxes throughout the year and may be overpaying. Furthermore, tax refunds aren’t just a way to repay people who had too much taxes deducted from their paychecks — they also include refundable tax credits like the Earned Income Tax Credit (EITC), Child Tax Credit, and the American Opportunity Tax Credit for undergraduate students. This means that filing a return is particularly important for low-income taxpayers, even if they didn’t have any taxes withheld during the year.

Filing prior year returns is also very important for self-employed individuals (including “gig economy” workers for companies like Uber, Lyft, Postmates and Instacart) – filing a tax return and paying Medicaid and Social Security taxes on that income is how the Social Security Administration determines eligibility and payment amounts for retirement benefits.

This doesn’t mean that you should make a habit of not filing your taxes. As we said, if you owe money to the IRS, they’ll charge interest and late filing penalties if you file past the deadline. But it does mean that if you forgot to file your taxes in a previous year, all hope may not be lost.

How to file a prior year tax return

If you or someone you know needs to file a tax return for 2014, 2015 or 2016, here are the steps to do so:

  1. Make sure you have all of your documents. If you’re missing any tax forms (like W-2s or 1099s), the company or person that paid you should be able to provide a copy. Request a “Wage and Income Transcript” on IRS.gov, which will tell you all of the income that was reported to the IRS for the year(s) you request.
  2. Prepare your federal tax return. If you want to fill out your forms by hand, the IRS website has all prior years’ tax forms available for download. Most tax software companies also make prior years’ software available for download, though you’ll usually pay full price for it. There are some free online options, like FreeTaxUSA.com (free for federal taxes, but there are fees for state filing and additional services). Check out our 2018 roundup of the best tax software.
  3. Print, sign, and mail your return. In most cases, prior years’ tax returns cannot be filed online. Make sure to keep a copy for your records, and send your return with certified mail or some other form of delivery confirmation.
  4. Prior year tax returns are not high on the IRS’ priority list, and refunds cannot be direct deposited. The standard processing time for current year returns filed by mail is six to eight weeks, so expect to wait at least that long for a response — and possibly even longer. If everything looks good, you’ll just get a check in the mail; if the IRS has any questions, or thinks you owe them taxes for another year, then you’ll get a letter in the mail asking for more information.
  5. Don’t forget about your state taxes. Chances are that if you didn’t file your federal taxes, you also didn’t file a state tax return – you might have even more money waiting!

The same deadlines for prior year filing also apply to making amendments to your taxes, so it’s worth taking a moment to review your 2014 tax return and make sure you didn’t miss anything. If you realize that you forgot to include a form, checked the wrong box, missed a deduction or made any other kind of error on your taxes, you have until April 17, 2018 to file a Form 1040X  reporting the changes. If the new information results in an additional refund, you’ll get a check in the mail – with interest!

If you need assistance with filing or amending a prior year tax return, the IRS coordinates two free programs to help people prepare their taxes: Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE). If you’re not eligible for these programs, any paid tax preparer should be able to help you.

For more information about filing prior year tax returns, visit the IRS website.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Caroline Lupini
Caroline Lupini |

Caroline Lupini is a writer at MagnifyMoney. You can email Caroline here

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