Digital News Report – There are several advantages to a personal loan including low interest rates, no collateral requirements and quick approval.
Borrowing money through bank is cheaper than borrowing money through a payday lender. Plus, the money can be paid back in installments rather than a lump sum.
Capital One bank offers personal unsecured loans. The lender says they require “no fees” to apply for a personal loan. There are no application fees, no origination fees and closing costs.
The bank will not loan to customers who already have applied for a personal loan from them within the last 90 days. You can not get a loan if you are currently delinquent on a Capital One loan.
The bank says they can provide a decision “right away”. Sometimes the process may take longer and they may ask for more information.
Other lenders will offer personal loans even if the borrower has bad credit. The interest rate may vary depending on the credit score.
By: Tina Brown