Personal Loans Made Easy
When searching for financial solutions to some of life’s unexpected costs or large purchases, people often turn to high-interest credit cards to float their financial needs. Unfortunately, this means consumers often end up spending hundreds of dollars more in interest, but there is a better solution! Enter personal loans.
Personal loans are similar to credit cards in the sense that they are can be unsecured (not back by collateral such as a car title) but provide significant advantages to consumers that are looking for a fixed payment.
TERMS ARE FIXED
One of the greatest advantages of a personal loan is that everything is “fixed” in terms of the loan, so there are no surprise interest rate increases, fluctuating monthly payments, or not knowing how long it will take to pay it off.
LOWER INTEREST RATES
In addition to having fixed interest rates (as opposed to the often-volatile variable interest rates of a credit card), personal loans often have much lower interest rates, which can save you hundreds of dollars over the course of your loan.
Sounds pretty great, right? You might still have a few questions, though, like…
WHAT CAN I USE A PERSONAL LOAN FOR?
Really, anything, from weddings, vacations, home improvements, and medical bills to debt consolidation.
HOW MUCH CAN I BORROW WITH A PERSONAL LOAN?
It depends on many factors, including credit score, debt-to-income ratio, and whether the loan is secured or unsecured. The best way to find out is by speaking with a loan officer who can help you assess your goals and advise you on what you qualify for.
HOW LONG DOES IT TAKE TO GET THE FUNDS?
It varies by lender, but anywhere from 1-7 business days is typical. At Waldo State Bank, we aim for the quickest turnaround, possibly the same day.
ARE THERE ANY FEES INVOLVED WITH GETTING A PERSONAL LOAN?
Yes, there are three types of fees associated with getting a personal loan:
- Interest Rate – a percentage charged for borrowing the money. Typically the higher your credit score, the lower the rate, but many factors play a part, such as the length of the loan repayment period and income-to-debt ratio.
- Origination Fees – some financial institutions charge this fee for processing the loan, but at Waldo State Bank, we don’t charge our customers for this.
- Prepayment Penalties – if you pay off your loan early, some financial institutions will charge a penalty fee, but at Waldo State Bank, there is no prepayment penalty.
CAN I GET A PERSONAL LOAN WITHOUT A BANK ACCOUNT?
This varies by financial institution, but at Waldo State Bank, you can.
HOW DO I GET A PERSONAL LOAN?
There are many ways to go about getting a personal loan, but the best way to ensure you are getting the right loan for your needs is to work with a loan officer at Waldo State Bank A loan officer can walk you through each step and help you understand the details. If you want to explore your options for a personal loan, contact us today to speak with one of our Loan Officers and apply for your personal loan.
Do you want to learn more about loans through Waldo State Bank? Visit our loans page.