Personal loans can help meet some your basic financial obligations, such as high purchases, wedding expenses and vacation among other expenditures. You apply for a non-secured personal loan without placing any collateral in case of a default. The money is usually issued by the lender based on your reputation, although interests on such loans are typically higher. When used prudently, personal loans are way better than other forms of borrowing such as overdrafts, payday loans and pawnshops. Whenever you are applying for a personal loan, it is always important to check your credit score, having a good credit score can get you a much decent loan rate. Some of the financial institutions that provide personal loans include; Banks, Credit Building Societies, Payday Lenders and Credit Unions. In the US, some of the banks that provide competitive rates on personal loans include Bank of America, Wells Fargo, PNC-Bank and Citibank.
Bank of America provides personal loans to individuals who qualify. The bank provides a range of solutions when it comes to collateral backed secured personal loans. Some of the secured personal loans guarantees by BOA include; Car Loans, Home Equity Loans and Credit Cards. As a guideline for applying for a personal loan, Bank of America implores that you keep your liabilities below 30% of your gross income. Wells Fargo provides personal loans to individuals who need to consolidate their debts or big purchases. The advantages of applying for a personal loan with Wells Fargo include; simplified application process, fixed rate and fixed term limits, guaranteed immediate funding and low minimum loan caps that allow borrowers to borrow as little as $3,000. Because Wells Fargo personal loans are issued at much lower cost compared to the loans issued by retail card issuers, you can also use the loan to pay for such expenses as medical bills and home improvements.
To qualify for a Citibank personal loan, the lender must be a Citibank customer for at least 1 month and have a positive balance or a deposit history in the past 3-months prior to application. The applicants must also have an annual income of at least $10,500. The advantages of applying for a Citibank personal loan include; flexible financing with a loan range of between $500 to $50,000 and a repayment period of 24 to 60 months. Citibank also provides quick and easy approval, competitive rates starting at 8.99% APR to 20.74% APR and a relationship rewards that uses a point based system. When it comes to PNC bank; the average personal lending rate for Tier-3 personal loan is capped at annual interest rate of 8.24%, which is low considering that the industry average of 9.99%. Borrowers can apply for between $5,000 and $9,999, the money borrowed can be repaid for up to 60 months later.