Hi, I need a $10,000 Personal Loan to manage my small business during these difficult Coronavirus times. And I wonder if I'd better borrow online to there're banks offering such Personal Loans. By the way, my credit score is not very good, about 600.
What banks do Personal Loans?
Answers: 1
Though online Personal Loans are really convenient and fast, you can consider banks and credit unions as well. Your credit score is one of the important factors determining your eligibility. But it's still possible to get approved even for bad credit borrowers which prove their US residence and income.
There're numerous lenders providing $5,000, $10,000, or even $35,000 Personal Loans online and in a bank. Among the best ones are:
Credible offers Personal Loans, Student Loans, Mortgages, Credit Cards and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $1000
- MAX Loan Amount: $100000
- Terms: Vary by state.
- Rates and fees: starting at 5.95% APR
- Turnaround Time: 1 business day
- Personal Loans
- Student Loans
- Student Loan refinancing
- Mortgages
- Mortgage refinancing
- Credit Cards
- Credit score of 640+
- An active checking account
- US residence
- Pros
- Apply once to get access to multiple lenders
- Quick funding within 1 -2 business days
- No additional fees
- Cons
- Not many lenders to choose from
- Not always available for bad credit
- Sometimes lenders may charge fees to borrow
Bank of America offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $3000
- MAX Loan Amount: $250000
- Terms: 1 - 7 years.
- Rates and fees: 5% to 29% APR
- Turnaround Time: 1 - 2 business day
- Checking accounts
- Saving accounts
- Investing
- Home Loans
- Mortgages
- Auto Loans
- Line of Credit
- Credit cards
at least 18 years of age (19 in Alabama or Nebraska)
a U.S. citizen, resident alien or non-resident alien
- Pros
- Automatic savings program available
- Debit card shopping rewards
- Access to physical branches
- Mobile apps available
- Online applications
- Low rates
- Cons
Up to 0.06% APY on savings account; better rates available elsewhere.
Low rates on certificates of deposit.
$35 overdraft fee can be charged up to four times daily.
PersonalLoans.com offers Installment Loans and Personal Loans up to $35,000 as well as other fast online cash advance.
- MIN Loan Amount: $500
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: 5.99% - 35.99% APR
- Turnaround Time: 1 business day
- Personal Loans
- Installment Loans
- Online Loans
- Fast Cash
- Tax Loans
- Payday Loans
- Debt Consolidation
- Minimum credit score of 580
- A valid bank account
- A regular source of income
- US residence
- Age over 18
- Pros
- A variety of lenders.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Easy online process.
- Cons
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
- Limited choice of lenders.
Сhase Bank offers a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.
- Checking Accounts
- Savings Accounts & CDs
- Prepaid Card
- Credit Cards
- Mortgages
- Home Equity Line of Credit
- Car Buying & Loans
- Planning & Investments
- Chase Private Client
- Business Banking
- Your credit report should be free of any recent bankruptcies, foreclosures, repossessions, mortgage delinquencies, negative public records, charge offs or other credit issues. The minimal credit score is typically 680.
- The LTV (Loan-to-value ratio) should be less than 80%.
- Debt-to-income ratio may be acceptable up to 50%.
- Other required documents may include paystubs, W2s, all pages of your tax return, investment and retirement income, and any other source of income.
- Pros
- With more than 5,100 branches and 16,000 ATMs, Chase’s physical footprint is huge.
- The bank’s website and mobile app are consistently rated highly by users.
- While it has monthly service fees on most accounts, avoiding fees are relatively easy -- especially with a direct deposit into its Chase Total Checking.
- While some banks are condensing and consolidating, Chase has been expanding and adding branches.
- Chase has been known to reward new customers with bonuses if they come bank at Chase.
- Cons
- Like at most big banks, rates on savings and CDs are very low.
- High out-of-network ATM fees, with no real ways to sidestep them.
- It might seem like Chase is everywhere, but it only has branches in 26 states.
Experts recommend applying online to find out if you qualify and to check your rates. Only then you can choose the bank or other financial institutions and take their offer if it suits your needs.
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