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Digital News Report – Personal loans can be difficult to get especially if the borrower does not own a home. Many large banks cater to homeowners because they have collateral or equity in their home, but there are loans available to people who do not own a house.
National City Bank offers mortgages, student loans, car loans and personal loans to cover unexpected expenses. “You don’t necessarily have to be a homeowner to get a PNC loan,” the bank said in a statement. Your interest rate may vary according to your credit history though.
The bank says that there are other ways to lower your interest rate. Borrowers can secure their loans with “motorcycles, boats, RVs, savings accounts, CDs, or stocks and/or bonds”.
There are some advantages to a personal loan over a payday loan. Payday loans must be paid back in full during a pay cycle while personal loans can be paid back over-time with installments. There may be fewer fees associated with a personal loan.
The National City Bank, sometimes referred to as Pittsburgh National Corporation (PNC), also offers personal lines of credit. This can be useful for people who plan on starting a business.
The bank will offer personal loans and lines of credit without a security deposit up to $25,000.
By: Tina Brown
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