Personal loans are a great way of meeting various expenses that arise in our day-to-day activities such as unforeseen bills, new projects, renovation, fees or consumer durables. Accessing personal loans with favorable interest rates is now very easy as the industry has many players.
Most lenders provide all the information necessary on their websites and subsequent social media platforms. Information such as personal loan documents, eligibility criteria, disbursal, loan terms and conditions and application process among others.
Once you go through a rigorous background check to ascertain your credit report, the lender has absolute right to grant or deny your application in the case of bad credit.
Getting started is fairly easy. Once you spotted the lender who best suits your needs, visit their website. You will get all the necessary information needed to make your application. Fill out the forms provided and within stipulated time of usually one business day, and based on your credit, and credit history, the funds will be made available.
You are bound to enjoy some benefits when you take up personal loans in the USA. Some pros worth mentioning include loans being unsecured. You do not need collateral for approval.
Secondly, they are flexible, you can use them for any number of purposes. Furthermore, you can secure up to $25000 to be repaid within 12 to 60 months. That’s not all. You will enjoy APRs from as low as 6.99% and discounts when enrolling in autopay or when you endeavor to make qualifying home improvement purchases.
Lastly, making payments is as easy as making the application. You can make payments online, over the phone or in person at a U.S. Bank branch that hosts your bank account.
Debt consolidation means taking out a new loan to help you pay off a number of your other loans, usually unsecured ones. Multiple debts are put together with favorable payoff terms, lower interest and lower monthly payments. If you want to consolidate debt, factor in what options the service provider will avail in their debt consolidation program. Secondly, do they charge a fee to review your finances? Thirdly, does the company have a good history of helping clients in financial need? Find out if your company of choice is a member of FDIC – Federal Deposit Insurance Corporation.If it is a member, you are guaranteed that it is credible, recognized and trustworthy.
If you are facing significant credit card debt in these tough economic times, debt consolidation is the answer to help you reduce your monthly payments
Along with the pros, be wary of the thorns that may cause quite a prick. Compared to other lenders, U.S Banks do not offer the lowest rates on personal loans. Keep in mind that you have to own a U.S Bank checking account for at least 120 days before you can qualify to get a personal loan.
Most lenders provide these loans to individuals they can easily access. This ideally means you have to live within at least 50 miles of a branch location. To know which branches are near you, go to branch finder tool online.
Most U.S. banks, upon issuing a personal loan, charge prepayment fees and origination fee. These are fees incurred upfront and is charged by the lender for processing a new loan. Usually a percentage of the total loan. For mortgage loans, in the U.S it lies between 0.5 – 1%.
Finally, all of the information on interest rates may not be clearly indicated on the websites. You have to go the extra mile and contact customer care team.
Do not wonder anymore how you will get that project started, afford that renovation or make the next school payment. Get online, find a lender and get started. Everything is within your control.