Bank Personal Loans
As a borrower, you naturally seek loans with the best possible lending terms in three vital areas: interest rates, underwriting requirements and repayment structure. Bank personal loans score well in two of these areas: interest rates and repayment structure. But prospective borrowers with less than perfect credit may find themselves closed out of bank personal loans. For many such borrowers, LoanNow is the best possible option!
Interest Rates
Credit union and bank personal loans usually carry the lowest interest rates and APRs. Banks offer low interest rates to creditworthy customers in an attempt to attract business. Credit unions operate as nonprofit entities, and frequently offer lower interest rates than bank personal loans. However, credit unions typically only extend loans to their members rather than to the general public
Repayment Structure
Credit union and bank personal loans are typically structured with monthly installment payments. Payments include both interest and principle, with a higher proportion of payments going toward interest at the beginning of the repayment period, and a higher proportion of each payment going toward the principle as the loan is paid off.
Underwriting Requirements
Banks, and to a somewhat lesser extent, credit unions, rely heavily if not exclusively on FICO scores in making lending decisions. Borrowers with less than good or excellent credit are often obliged to provide collateral or a credit worthy co-signer as a condition of approval for bank personal loans. Such customers must also usually to pay higher interest rates than customers with higher FICO scores.
Alternatives for Bank Personal Loans
Borrowers who find it difficult or impossible to be approved for bank personal loans may turn in desperation to non-bank lenders such as payday lenders, car title loans and pawn shops. But such lenders offer only a quick fix – and their loans come at high price. Pawn shops and car title loans put personal property at risk, and payday loans draw borrowers into a trap of endless debt that often persists for months, if not years.
LoanNow: Possibly the Best Option
For many borrowers, LoanNow represents the best possible option. Our online application can be completed in the privacy of your own home. If you have less than perfect credit, you may still be approved. We look beyond your FICO score to consider your entire financial profile – no collateral required. LoanNow repayments are structured as manageable monthly payments, just like bank personal loans. Our APRs are also way lower than payday loans, and LoanNow says NO to rollovers. Isn’t it time you checked out the LoanNow difference for yourself?
